Recapping the weak jobs data, falling USD, and pop in metals

September 3, 2021

Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc To Market website joins us to recap the jobs data from this morning and corresponding market moves. As the job data seriously missed estimates this translated to lower expectations of an upcoming Fed taper. In response the Dollar is down and commodities are moving higher.

Click here to visit Marc’s website – Marc To Market.

    Sep 03, 2021 03:37 PM

    I don’t believe how anyone could think that American’s are exceptional, they got their a$$ kicked in Vietnam and now The Taliban kicked their a$$ in Afghanistan. They couldn’t even make their retreat from the airport in Kabul orderly and honorable.

    It makes me laugh to think they will confront The mainland Chinese in the defense Taiwan. The Chinese armed forces will make them look like the idiots that they are but pretend not to be.

    America has no humility they continually believe that they are the saviors while the rest of The World thinks they are a joke. It is a real shame to see how they have do not understand history.

      Sep 03, 2021 03:45 PM

      DT, it’s not Americans it’s something else, their leadership, their system…something I can’t put my finger on. My best friends are Americans and they are exceptional. They are hurting badly with the mess their country is in.

      Sep 03, 2021 03:17 PM

      Thank Obama’s 3rd term puppet in the White House. America’s orchestrated demise shall become apparent when Obama & fashion cover wife resume Apology Tour

        Sep 03, 2021 03:28 PM

        Footnote: Trump made Obama eat the pie he stuck in America’s face

    Sep 03, 2021 03:59 PM

    Well, once again, another solid close on a Friday for Gold to end the week, just like last Friday. As previously mentioned, the longer term bullish trend of higher lows remains in place, as does the longer term bull market in the yellow metal.

    The poor jobs report numbers and weak dollar vaulted Gold up to the first overhead resistance in the mid $1830’s to close the week, so it will be interesting to see if it can break above this level post long-weekend, or if it gets swatted down here.

    Those that have been expecting the March double-bottom lows to break down further to the low $1600’s to mid $1500’s will just have to keep waiting it seems.

    >> Thus far, the lows for the year were 5 1/2 months ago at $1673.30, and that March double bottom has continued to hold strong.

    Even the recent flash crash in overnight trading from a few weeks ago, cascaded down to test that March double bottom for a 3rd time, but ended up making another higher low at $1675.90. So far so good, but the yellow metal still has more work to do, and most technicians still want to see Gold get up over $1850, and then close there on a weekly basis to get a bit more positive momentum going.

    At this point Gold did close here on Friday above the 200 day SMA, 100 day SMA, and 50 day SMA, so that is bullish and encouraging.

      Sep 03, 2021 03:01 PM

      It is also significant that on the weekly chart that Gold closed today at $1833.70, decisively above the 50 week SMA at $1824.45, which is another bullish factor.

    Sep 03, 2021 03:35 PM

    In-Person Conference Season Returns as Gold Builds an $1800 Floor

    by: David Erfle – Friday September 3rd, 2021

    “Investors now seem convinced that the Fed will wait for a longer period before deciding to roll back its massive pandemic-era stimulus program. These speculations were further fueled by Wednesday’s disappointing ADP report, along with the significant miss in the August U.S. Non-Farm Payrolls report issued this morning.”

    “The combined disappointing data has raised doubts about the U.S. labor market recovery and further dampened prospects for an early Fed tapering of its massive $120B per month stimulus program (QE), which is evident from a softer tone surrounding the U.S. Treasury bond yields. The news is also keeping U.S. dollar bulls on the defensive as the greenback is trading near one-month lows that is lending support to the gold price.”

    “With Gold Futures attempting to re-establish itself above the key $1,800 level following last week’s dovish stance from the Federal Reserve’s chair, Jerome Powell, the safe-haven metal is moving upwards towards stiff resistance at $1835 on the back of substantially fewer jobs were created in August.”