Gold Prices Rejected At July Highs After Stellar NFP
Commodities often play an opposite role to the US Dollar, give that is the base currency from which they’re priced. An oversimplified example is when Gold high $1,920/oz in September 2011 and Oil was ~$114/bbl was near the US Dollar’s nadir. Friday’s Non-Farm Payroll Print +255k, which exceeded all forecasts by Bloomberg economists. Now, we will look to next week to see if commodity weakness is beginning again, or if the first week of August was a simple one-step back after two steps forward over the past few months. Where are gold and crude oil prices heading in the second quarter? See our forecasts here! As of mid-day ... (Read the full story)