Analytical Charts - Jim Wyckoff
Jobs Number Today - Gold Higher
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The breakout in gold continues with the metal holding $1,240 support. The $1,275 level is in the cards, and today’s jobs number could be enough to push the metals up another notch. Gold is now in a solid uptrend, and all pullbacks have been bought.
Since bottoming in August, gold has had a steady ascent, breaking out above all resistance levels. The pattern is extremely bullish because of how steady the trade has been. The last big move in gold was Oct. 11; the follow-through keeps us looking for $1,275.
There should be no major expectations when the jobs number comes out at 8:30 a.m. EST; however, reaction to the recent Fed comments coupled with a moderate jobs number could create a big move. Look for the rally to continue, using $1,240 as the major support level.