Gold Price Rises as Jobs Report Fails to Move Markets - Gainesville Coins News
No Minimum order! We accept Pay with Credit Card
Call Us: (813) 482-9300 Mon-Fri 9:00AM-6:00PM EST
Login or Register
Log into your account
About Gainesville Coins ®
Billions Of Dollars Bought And Sold A+ BBB Rating 10+ Years No Hidden Fees Or Commissions All Inventory Ships Directly From Our Vault

Gold Price Rises as Jobs Report Fails to Move Markets

blog | Published On by
Gold Price Rises as Jobs Report Fails to Move Markets

The gold price rebounded on Wednesday, up about $9 to $1,241 per ounce after the ADP private sector payrolls report for February beat expectations with a 214,000 read. Expectations were for a 190,000 print. The upbeat jobs report failed to move markets, as stocks are down after yesterday's rally, the dollar is steady, and gold firmed about 0.7% above yesterday's close of $1,231.70. Nymex crude futures are down over 1% after jumping nearly 2% on Tuesday.

Tuesday, Gold was hit by profit taking and the surge in stocks, giving up pre-dawn gains over the $1,245 mark. Spot gold closed down $6.60, to $1,231.70. April gold futures fell $3.60 to settle at $1,230.80.

charting gold price

Technical support for gold starts at the 10 DMA near 1,228, with next support at the 20 DMA of $1,214. Bulls' first target today is resistance at $1,237, just under Monday's big gains that settled at $1,238. If they can breach that level, $1,241 opens up as the next target.

Funny enough, the ISM Manufacturing Index released yesterday showed a negative reading (but less negative than expected) and had far more influence on the markets than the ADP payrolls report.  The manufacturing report combined with the "bad news is good news" expectations of more stimulus in China to send all three major stock indices to gains of 2% or more. Nymex crude futures were also higher, up 1.9% to an eight-week high.

This morning, gold is seeing sudden bids on bargain hunting, undeterred by the upbeat jobs report. Spot gold is up more than $8 at 10am Eastern time. Stocks took the wrong turn for a morning of good economic news, opening sharply lower. This could be spurred by profit taking after yesterday's big gains. The dollar is steady this morning, trending just above yesterday's close.

Oil futures are down 1% in early trading, giving back half of Tuesday's gains. Crude prices may see further pressure when the EIA crude stockpiles report is released later this morning. While the US shale industry is buckling under low oil prices, there is still no hope for higher prices while crude inventories are at 80-year highs.

In the meantime, silver also jumped in early morning trading after trickling lower overnight. Spot silver was more than 1% higher at 10:30am ET, adding 15 cents per ounce to settle above $14.95 per ounce. Platinum and palladium were actually slightly lower.



The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product

About the Author

Everett Millman

Steven Cochran

Precious Metals Market Analyst
BS University of South Florida (2002)

A published writer, Steven's coverage of precious metals goes beyond the daily news to explain how ancillary factors affect the market.

Steven specializes in market analysis with an emphasis on stocks, corporate bonds, and government debt. He writes a monthly review of the precious metals markets for

This site uses cookies for analytics and to deliver personalized content. By continuing to browse our site, you agree that you have read and understand our Privacy Policy.