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David Becker
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Gold prices moved sideways edging higher on Friday, as the payroll report had enough positive information to keep the dollar stable. The dollar moved lower on Thursday following a much softer than expected ISM services report. Yields were stable despite the headline non-farm payroll report missing expectations as the unemployment number hit a fresh 50-year low.

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Technical Analysis

Gold prices rallied 0.2% on Friday generating basically a doji day where the open and close were at the same level reflecting indecision. Prices tested resistance early pushing to resistance seen near a downward sloping trend line near 1,522. Prices are hovering just above short term support near the 10-day moving average at 1,502. Additional support is seen near an upward sloping trend line that comes in near 1,464. The 100-day moving average is target support near S1,433. Short term momentum has turned positive fast stochastic generated a crossover buy signal in the middle of the neutral range. Medium-term momentum is beginning to consolidate. The MACD histogram is printing in the red with an upward sloping trajectory which points to consolidation, but also a potential crossover buy signal.

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Payrolls Came in Slightly Less than Expected

Non-farm payrolls rose by 136,000 slightly lower than the 145,000 expected. Unemployment hit a fresh 50-year low in September according to the Labor Department. The jobless rate dropped 0.2 percentage points to 3.5%, matching a level it last saw in December 1969. Expectations were for the unemployment rate to come in at 3.7%. A more encompassing measure that includes discouraged workers and the underemployed also fell, declining 0.3 percent points to 6.9%, matching its lowest in nearly 19 years and just off the all-time low of 6.8%.

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