Silver as an investment

Gold Prices Regain ‘Key’ 200-Day Moving Average After Weak US Jobs Data

financialsense.com / ADRIAN ASH / 10/07/2016

Gold priced in US Dollars rose Friday back above its 200-day moving average – a ‘key’ technical level according to several analysts – after new US jobs data came in weaker than expected.

The US jobless rate rose to 5.0% in September according to the Bureau of Labor Statistics’ non-farm payrolls estimate, up one-tenth of a percent from the early 2008 lows reached this summer.

Gold prices rallied to $1261 following the news, $10 above the 4-month low hit as Asian trading began overnight with China still shut for the end of its National Day holiday week.

China’s Shanghai Gold Exchange will re-open Monday to find Dollar gold prices almost 5% below Friday last week.

Thursday saw the LBMA Gold Price auction – the global benchmark for physical bullion – fix below its 200-day moving average for the first time since February down at $1254.50 per ounce.

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