US non Farm payrolls expected to rebound this month and Gold is waiting

The October US jobs report was dismal. Non-farm payrolls rose by just 12k. The markets are expecting a healthy rebound in November. There seems to be little doubt those October payrolls were impacted by the two major hurricanes which hit the country. So, the forecast for November payrolls if for an increase of around 220k, but also watch out for a significant revision in the October numbers. The underlying rate of unemployment did not change last month and that was perhaps the acid test as to the real truth behind the payroll data. It is expected to remain unchanged at 4.1% in November. Now earlier today was saw how Gold got hit when BTC crashed and it will surely be on its toes this afternoon. Much could depend on how the US treasury market react to the jobs report and whether or not that delivers higher, or lower yields. Gold will react to either right now. Since the earlier low today, at $2,613 67, Gold has topped out at $2,645.67. It is now falling back once more. The overall price action is still defined by 50 and 100 day moving averages, as indeed it has been all week. Those are now in place at $2,583.29 (100 day-rising) and $2,667.62 (50 day-falling). As you can see these are slowly converging. As to whether a break either side comes later today could depend on what the US jobs report has to offer. Gold is currently trading at $2,635.90