President's Tweet Implies Good Job Numbers Today

(Kitco News)- Gold prices are under some selling pressure ahead of thismorning's U.S. payroll data. The fact that that the President tweeted hisanticipation of seeing the numbers, when he has already been briefed on thedata release, suggests the job creationnumber may be on the high side. The Fed is no longer looking at the jobs numberbut their gauge is the average hourly earnings number, which if higher wouldsuggest higher wage inflation. A pop in this metric should create a resumptionin dollar strength and accelerate selling in gold. We would expect support at$1,287 but a breach here suggests a trade as low as $1,282. The upside remainsfirmly corralled at the 200- day movingaverage around $1,308.

By Peter Hug

Contributing tokitco.com

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