Morning Snapshot

04-Nov (USAGOLD) — Gold remains generally well bid in the wake of this morning’s release of the all-important nonfarm payrolls report. There was a short-term flurry of volatility, but now that things have settled down a bit, the yellow metal continues to probe above $1300.

October NFPs came in at +161k, below expectations of +174k. However, there were 44k in positive back-month revisions and the jobless rate dipped back to 4.9%, so there likely won’t be any material impact on December rate hike expectations.

The short-term uptrend continues to dominate, which has returned credence to the longer-term uptrend that developed in the wake of last December’s rate hike. A breach of Wednesday’s high at 1307.99 — which has already been pressured — would be seen as encouraging.