Commodities Analysis by Matthew Weller covering: XAU/USD, Gold Futures. Read Matthew Weller's latest article on Investing.com
Friday’s worse-than-expected US NFP report set off a spasm of fear that metastasized into panic and blind selling of every market by the US open today.
After edging up to test record highs near $2480 on Friday, gold bulls were confident that the yellow metal was at long last on the verge of a breakout to $2500+. Instead, the worse-than-expected US jobs report set off a spasm of fear that metastasized into panic and blind selling of every market by the US open today. Now as we roll toward the US close though, markets seem to have stabilized again, and gold is trading $35 off its intraday low.
A good case in point is gold’s performance in the meltdown at the onset of COVID; gold fell along with everything else, but unwound its losses in four weeks, while it took the S&P six months to claw its way back. Gold may still stay under some pressure in the near term, but the external forces at work favor higher prices.”As the chart above shows, Gold has rallied back sharply after testing its 50-day EMA near $2375 earlier today.
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