Gold falls to eight-week low after NFP

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Gold dropped to $1695 after the non-farm payrolls report.

The US dollar was broadly stronger following the release and that’s weighing on commodities. The Fed is also growing less likely to increase QE3 or expand it to Treasuries.

The lows match the 50% retracement of the gain since mid-August and the early-September lows.

Author: Adam Button

Adam Button is the managing editor of ForexLiveâ„¢. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes there's an edge in knowing every tidbit of news. He was formerly the head of the markets team at the Canadian Economic Press and is a graduate of Ryerson University. Adam lives in Montreal, follow him on Twitter: @FX_Button.

2012-11-02T12:42:02+0000

All|Americas|Regions|Technical Analysis

Gold

Adam Button

8 Comments

  1. SHORT U/J GUYS ALL THE WAY down
    back
    to 78.00!@!!!

  2. Is it possible due to the fact that Unemployment rate stays flat (unchanged) 7.9% gold to reverse and change to bullish?

  3. “The Fed is also growing less likely to increase QE3 or expand it to Treasuries.”. Is this a Fed member comment or your own “opinion”?

  4. I wonder what should happen that these market would start moving again. This ridiculous, then after NFP report eru/usd managed to squeeze less than 50 pips (!) movement. And this is happening in the world where central banks have their printing presses at a full throtle.for a couple of years now. Where do money go then???

  5. That’s my own comment.

  6. It’s analysis you ass-hat. You don’t like it? Get bent.

  7. My USD/JPY longs finally on the big green!! Holding them since late April with 4 lots average 79,20 :)

  8. @ jamie colemen;

    he asked a simple question, you flame him. tanty much? J Coleman, forexlive’s weakest link.

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