Risks Are For Gold To Rally On Disappointing Employment Numbers – TDS
Risks Are For Gold To Rally On Disappointing Employment Numbers – TDS
by Neils Christensen www.kitco.com
With markets preparing for April’s nonfarm payrolls report Friday, it is not surprising that gold has been unable to break above $1,200 an ounce Tuesday, says Bart Melek, head of commodity strategy at TD Securities. However, he adds that risks are to the upside as TDS is expecting employment to come in below consensus. The bank is expecting to see 195,000 jobs created in April, below the consensus calling for 225,000 jobs. Melek says any number below 200,000 will be positive for gold and should push prices above $1,200 an ounce and near-term resistance at $1,221. Comex June gold futures last traded at $1,195.30, just down from session highs set at $1,194.90, and showing gains of $8.10 on the day.
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