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Just looking at the NFP number from overnight. Pretty lackluster number.
The lead into the NFP I would suggest is more a reason for gold's recent performance as there has typically been a slam down every NFP night.
The market appeared to anticipate this & although there was a reasonably sharp sell off perhaps not as big as expected due to prior market positioning. (not low enough to fill my orders!)
I would suggest we are now seeing some short covering as gold closes up back toward $1170.
Just to show you how misleading (rigged) US employment numbers are.
Unemployment fell to 5.3% overnight & yet participation rate 62.6%.
NZ unemployment is at 5.8% yet participation rate is 69%!
Something doesn't add up there.
I believe if you work 1 hour a week US you are registered as employed.
Interest rate hike on hold for longer I would suggest.
