Today’s non-farm payrolls report mean Fed officials will probably cut back on talk about tapering asset purchases later this year, as I told Reuters after the report.
More printing is a bonus for gold and has helped the metal retrace the losses from the past two days. Today, gold is up $25 to $1579.
Gold is now nearing the 61.8% retracement of this week’s declines and I expect that to be a pivot point.
