Gold Recovers To $1,507/oz After Falling To $1,496/oz After Poor Jobs Report; Now Higher For The Week

Gold prices recovered to $1,507/oz after falling to $1,496/oz despite a poor jobs number; this was expected to see gold make gains due to the likelihood of further Fed rate cuts

U.S. job creation was less than forecast in September (September payrolls 136K, Exp. 145K) and wage gains cooled in yet another warning that the record-long U.S. economic expansion is coming to an end and wages further stagnate

Gold had been heading for a weekly advance following more signs of a slowdown this week; it needs a weekly close above $1,497/oz to end higher for the week

A lower weekly close will likely lead to more selling early next week as both technical and momentum driven players continue to push gold prices lower

A higher weekly close today and a close over $1,500/oz would be quite bullish and could signal that the recent shallow correction is over


NEWS and COMMENTARY

Gold falls below $1500 mark despite poor US employment data

Gold gains on soft U.S. service sector data, focus on jobs report

Gold gains 1% as poor U.S. data ignites growth worries

Palladium to build on record peak as market tightens again

U.S. recession risks up as services growth hits three-year low

Dollar may enter 2020 on a strong footing, no contender in sight: Reuters poll

Vanguard to challenge banks’ grip on $6 trillion currency market

2019 may see the beginning of the end of the biggest monetary experiment ever – Saxo



Gold Prices (LBMA – USD, GBP & EUR – AM/ PM Fix)

03-Oct-19 1504.00 1517.10, 1221.70 1223.84 & 1372.25 1380.26
02-Oct-19 1484.05 1492.60, 1213.21 1215.13 & 1359.84 1364.68
01-Oct-19 1466.10 1473.45, 1193.11 1206.17 & 1345.29 1349.97
30-Sep-19 1487.60 1485.30, 1208.38 1206.06 & 1361.75 1362.17
27-Sep-19 1496.15 1489.90, 1218.17 1209.05 & 1369.58 1362.51
26-Sep-19 1507.05 1506.40, 1223.72 1219.28 & 1378.50 1374.89
25-Sep-19 1530.85 1528.75, 1231.11 1234.62 & 1391.24 1391.77
24-Sep-19 1520.25 1520.65, 1220.76 1216.67 & 1382.36 1381.36
23-Sep-19 1519.50 1522.10, 1222.13 1225.90 & 1385.48 1385.11
20-Sep-19 1504.10 1501.90, 1199.07 1203.62 & 1361.06 1362.52
19-Sep-19 1498.40 1500.70, 1200.67 1201.76 & 1354.85 1357.08
18-Sep-19 1502.20 1503.50, 1206.27 1204.90 & 1360.39 1359.92
17-Sep-19 1499.30 1502.10, 1208.89 1207.24 & 1361.51 1360.45
16-Sep-19 1502.05 1497.20, 1207.35 1203.30 & 1357.25 1359.46
13-Sep-19 1506.30 1503.10, 1209.41 1208.19 & 1356.88 1358.35
12-Sep-19 1502.95 1515.20, 1219.94 1227.46 & 1362.88 1373.53
11-Sep-19 1493.65 1490.65, 1208.21 1209.07 & 1354.74 1355.90

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Mark O'Byrne

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