22 Oct 2013
Gold reversing on the three week high?
FXstreet.com (London) - Gold is on the up again with speculation underpinned that the Fed will need to maintain stimulus to boost the economy after todays disappointment to the jobs numbers.
The Non Farm Payrolls were delayed due to the wars in Washington, and showed that the numbers climbed less than projected in the labour market. Gold delivery for Dec climbed 2% as markets forecast that the Fed will delay reducing $85b in monthly bond purchases until March 2014. Spot Gold is currently testing the $1,340 support to the downside after scoring a high of $1,344.95 off from $1,309 territory.
The Non Farm Payrolls were delayed due to the wars in Washington, and showed that the numbers climbed less than projected in the labour market. Gold delivery for Dec climbed 2% as markets forecast that the Fed will delay reducing $85b in monthly bond purchases until March 2014. Spot Gold is currently testing the $1,340 support to the downside after scoring a high of $1,344.95 off from $1,309 territory.