The bull camp was already disappointed with the magnitude of the rally in gold on Thursday and therefore another day of modest risk-on sentiment combined with a Dollar bounce has shifted the tables slightly on the bull camp.
While the gold market does not have as large of a slate of different bullish themes as was seen at the beginning of the week several bull themes remain, most importantly the prospect of economic uncertainty and that issue will be focused on this morning following the payroll report.
News from the jobs sector this week suggests a weak number today especially after the ADP reading fell sharply! In fact some numbers within the ADP report showed massive slowing and therefore traders should be poised for a trend decision following payrolls.
However, the Dollar recovery this morning is problematic for the bull camp and August gold sits just above a critical pivot point of $1,331.20 and we think a key trend decision is upon the market this morning.
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Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete and/or up to date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Financial Services LLC, unless otherwise expressly noted.
