Our suspicions regarding the dollar-driven break out of the triangle on Thursday were well founded, as gold drifted back towards 1400 during early trading on Friday.
The Non Farm Payrolls (NFP) number came in slightly above expectations at 175,000. This was enough to see stocks rocket higher and gold sell off hard, falling as low as 1377 and closing near the lows of the day.
This meant that a bearish "shooting star" candlestick formed on the weekly chart, and the consolidation triangle has now decisively been broken to the downside.
We expect a retest of 1338/1321 now as a minimum, although the action of the past few weeks suggests that these levels will not hold, and we will shortly see new lows in gold.
It was interesting to note that the dollar did not surge higher following the NFP number, and therefore gold's decline was not driven by movements in the dollar to any noticeable extent.
Oil surged higher with stocks on Friday, breaking out of the recent down trend and bringing a test of $98 back into view.
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Gold Market Update: June 10, 2013
Published 06/10/2013, 05:36 AM
Updated 07/09/2023, 06:31 AM
Gold Market Update: June 10, 2013
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