Gold futures in the December contract hit a new all-time intraday high of $2,089.20 per ounce Friday morning as investors poured into the safe-haven asset ahead of the closely watched jobs report.
Gold is up about +1.8% this week, on pace for its ninth straight weekly gain for the first time since May of 2006. Gold futures, however, have since fallen about -2.2% to $2,031.10 per ounce. Spot gold dipped as well, falling about -2.1% to $2,028.70 per ounce on Friday. On a weekly level, it will still post a gain of +2.1%; it's the ninth straight week of gains.
The DOW just posted a "Golden Cross," joining the NASDAQ and S&P 500, when it's 50-day moving average broke above its 200-day moving average, which is traditionally a bullish signal for the first time since March.
On a weekly level, the DOW will post a weekly gain of roughly +3% bouncing back form back to bak weekly losses. The S&P 500 gained +2% on the week, and the NASDAQ will post a gain of almost +3% at +2% after hitting several record closes this week trading above 11K.
Even with the record levels seen in gold, the US dollar will finish the week relatively flat, ending it's six-week skid to the downside.
While not at record levels, crude oil continues to inch it's way higher, posting a weekly gain of +1.8% in the September contract. It traded as high as $42.39 this week.
After posting a weekly gain of +23%, last week, Bitcoin has sold off a bit but remains to trade close to the 12K level. It had traded as low as 10,559.59 earlier in the week, but it has bounced back, only losing about -3.6% for the week.
Nonfarm payrolls increased 1.763 million for the month, the Labor Department reported Friday. The unemployment rate fell to 10.2% from its previous 11.1%, also better than the estimates from economists surveyed by Dow Jones.
An alternative measure that includes discouraged workers and the underemployed holding part-time jobs for economic reasons fell from 18% to 16.5%.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 3,200.05
- Dow (INDEX:DJI): 25,992.28
- NASDAQ (NASDAQ:COMP): 10,217.30
- U.S. Dollar (ICE:DX): 96.17
- Gold (NYMEX:GC.Z20): 2,089.20
- Crude Oil (NYMEX:CL.U20): 42.39
- Bitcoin (BITCOIN:BITSTAMPUSD): 9,106.30
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
