Another gold headfake

Gold slammed post-NFP but the buyers were waiting in the weeds at $1685. Now gold is back above $1700.

In general, that kind of volatility breeds contempt.

If gold closes above $1707 today, that will attract a new round of buyers. If not, I expect the drift lower to continue.

Author: Adam Button

Adam Button is the managing editor of ForexLive™. 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.

6 Comments

  1. Why would WTI Oil go down with good report?? Strong USD??? Even Gold and Silver have a fake head?
    Is WTI dead after the IEA agency shift from using WTI to Brent Oil as indicator?

  2. previous revisions made the moves confusing. it always does.

  3. Depends where you are Adam. I was waiting in a snowbank. lol

  4. There is no explanation at all as to why gold bounced off that sharply on the market talk?

  5. Adam.. I think gold is rebound reason QE no more change.. I hold long. can you convey next resi

  6. There is always so gold chatter but it’s very hard to get good info on gold. I don’t think NFP is going to change the Fed’s QE thinking fwiw.

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