We have had a lot of up days immediately followed by down days in PM's recently. Current 10-12 day gold rally has topped out. Watch your long trades carefully as this type of action combined with a topping out of a gold's typical 10-12 day up phase suggests that we will have two weeks of downward movement coming shortly. Hedge appropriately because market is set up for a swift 2 week downdraft.
UUP (dollar ETF) finding some bounce at the 200ma.
FXE (euro) overbought at the moment.
Meanwhile, some biotechs have had outsized moves to upside in recent days/weeks.
Jobs number is NOT objectively bullish, if the staggering TOTAL number of unemployed is examined instead of the massaged statistical distortions the elite 'allow' us to see thru media eructations.
Nevertheless, traders will trade on the distorted figgers and on da Feds machinations.
Some bounce from intraday lows fer da miners.
Kitco's Wycoff has some suggestions re support/resistance for gold:
The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,450.00. Bears' next near-term downside breakout price objective is closing prices below solid technical support at last week’s low of $1,372.80. First resistance is seen at this week’s high of $1,423.30 and then at $1,430.00. First support is seen at this week’s low of $1,388.30 and then at $1,380.00.