Gold price makes a 10 month high
Yesterday we thought the gold price might be able to take on $1800. We were close with gold getting as high as $1796.
Gold $ (hourly):
However, much more important is the fact that the $1777 level has now been broken on the daily close, with gold closing at 10 month highs.
This morning gold has drifted lower to around $1790, but that $1800 level still looms large and the catalyst to get gold there could well be the NFP numbers out this afternoon. Consensus is for around 100k jobs to have been added in September in the US. Still woefully short of the 200k+ needed each and every month just to keep pace with population growth.
The unemployment number is a tough one to call because we’re now only a month away from the presidential elections and after Obama’s ‘out-to-lunch’ performance during this week’s debate with Romney he’ll want all the positive news he can get.
A close anywhere above the € 1377 level today will mean another all time weekly closing high.
Look out for the £1115 level on the close today, if £ gold can achieve that it will be £ gold’s best close in 9 months.
- As US employment collapses gold makes new record high in pounds
- Ben Bernanke announces that the printing will never end – whilst gold makes new all time high
- UK inflation rises to 0.6 month on month – that’s 7.2% annualised – gold price drops on the news
- The gold price ends the month of May up in Euro terms – but dollar strength continues to hold it back
- Gold price up 1.5% for the week and up 6% from lows a month ago
Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-makes-a-10-month-high-8261/