Exactly as I predicted via my conspiracy theory two days ago, the NFP came in just short of the estimate today. How convenient it is! Now Yellen has good excuse to not raise the interest rate in September, exactly what she is hoping for. While we all know which candidate she will be helping with no action before the election, she will also not be blamed to try to influence the election. How perfect it is!!
Well, as expected, gold is on fire today but I think this is more to do with short covering than a real rebound. As such, don't expect it will last for long. Most likely, it will go down again to test its recent low and if the lower lows are coupled with a positive divergence with MACD, then it may be bottoming and ready for its next leg up. After all, its technical pattern has suffered too much damage with a fast plunge in the past week or so, it will need some time to recover.
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