Gold spikes and slides after US jobs report

As with the price action noted in the USD/JPY and the EUR/USD, gold suffered a similar fate. All the robots immediately jumped on board to buy the metal on the headline payroll number coming in below consensus. Well, as soon as those robots had to digest the higher wages data, revised prior rise in payrolls and lower unemployment rate, they all had to bail out. All of this price action took place in a matter of seconds of course. So, Gold initially spiked back above $2,870, only to fall back just as quickly below $2,855. The low was $2,852.70. Since then the metal has lifted back to above $2,860, which is where it was before all this took place. That said, take a look at US yields and you will see they are now higher and that could have a negative impact on the metal as the afternoon unfolds. We shall see how that pans out. Gold is right now trading at $2,861.95