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Gold Ends Higher Today On Stronger Than Exptected US Jobs Data
Today’s private-sector ADP Payrolls Report said 215,000 jobs were added in the US last month, against consensus forecasts of 173,000. Rising ahead of that number, used by some as an advance guide to Friday’s official US non-farm payrolls figures, gold had then fallen $5 per ounce before jumping 0.9% in volatile trade. Gold “[had] hit a fresh 5-month low in every session this week,” says the Reuters newswire.
Evidence on Why Gold Is Falling on the Verge of a Dollar Implosion
Why is the gold price dropping even though the dollar is losing value?
Gold And Silver Approaching Critical Price Points
The short term trend is confirming the longer term downtrend. The daily charts show an almost perfect trendline since November 2012. Apart from the trendline, the daily charts reveal two other important things. First, both gold and silver are about to retest their June lows. Needless to say those price points are of major importance. In case they would hold, it could turn out to be very bullish for the metals. However, if support would fail, the odds favour a break through.
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