Gold should have gotten trashed on Friday but it did not so what does that tell you?

As noted here, when the details of the US September jobs report hit the screens, the price of Gold did hold up really well in the face of rapid Yen weakness, higher US yields and a firmer dollar. Gold did slip back after that update, but not by much and certainly levels above $2,630 capped the fall. It then pushed higher again, peaking around $2,670 suspiciously right on the 4pm London FX fix. However, such was the strength of the dollar and fundamentals not in favour of the metal, that it fell back again into the US close, later ending the week, at $2,653.60. It is surely fair to say; that given where the metal is right now, close to its all time record highs, and given the US data on Friday, were it not for the situation in the Middle East, then gold would surely have gotten hammered on Friday. So, it looks like all the risk averse, hot money holders of Gold are going to need a more convincing reason to part company with their holdings, than a slightly better US jobs outlook. Thats the bare truth folks, but this is a new week, so anything can and probably will happen. Overnight has edged back down and fallen back from an Asian session high, at $2,652.86, to a low set a short while ago, at $2,639.80. Gold is currently trading at $2,643.10