U.S. nonfarm payrolls is putting some pressure on gold prices this Thursday and Jim Wyckoff is on Kitco News to tell us how he thinks the metal is set up for next week! “We already saw gold under some significant selling pressure on profit-taking from recent gains,” he says. The higher-than-expected US jobs numbers extended those losses, he adds. However, Wyckoff says that Wednesday’s upbeat ADP jobs report somewhat mitigated the effects of today’s positive nonfarm payrolls data on gold. “All in all, we’re just seeing a bit of profit-taking, the gold market bulls still have the technical advantage.” Tune in now to see what he thinks of the ECB interest rate decision this morning as well as to get his market ratings for both gold & silver on this edition of “Technically Speaking.” Kitco News, July 3, 2014.
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