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Gold between a rock and a hard place as US yields rise
It is perfectly understandable that US yields have risen after the US jobs report, which indeed they have. The reaction is a normal reaction function and expected too. However, the initial reaction in Gold was ratter confused and that can be explained. Immediately gold fell on the jobs news. The metal fell back to test $2,280 from prior levels ahead of the data, at around $2,295. It then spiked higher by around $10 almost immediately. The thing is; Gold has good reason to be in demand this afternoon ahead of the weekend and all the uncertainty that will bring. At the same time, those higher yields are a significant headwind to further upside. So, there are reasons to buy and clearly reasons right now to sell it. So, Gold is in between a rock and a hard place right now and it remains to be seen which side will give way to the other. Gold is currently trading at $2,284.60
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