Comex Gold Eases As Jobs Report Leaves Fed On ‘Auto Path’

Mining News Pro - Gold futures eased modestly after a report showing U.S. nonfarm payrolls rose 201,000 last month, not far from expectations, leaving the Federal Reserve on its path toward more U.S. interest-rate hikes, says George Gero, managing director with RBC Wealth Management.

RBC`s Gero: Comex Gold Gets Short-Covering Bounce

Mining News Pro - George Gero, managing director with RBC Wealth Management, is describing the bounce in gold prices so far Tuesday as short covering. This is when traders with short, or bearish, positions buy to offset them. The covering came about after the short side of the market became “crowded” during a recent price pullback, Gero says. “All this means too many bears in the woods, and [a] dollar pullback quickly brings some short covering,” he adds. As of 9:18 a.m. EDT, Comex December gold was $3.10 higher to $1,220.70 an ounce, while the September dollar index was down 0.307 point to 94.88. Gero cautions, however, that short-covering rallies tend to not last long, as is the case with event-driven rallies and sell-offs. “Steady up moves with open interest up is a better signal for traders,” he adds.

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