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Gold made a surprise retest of $1100/oz, temporarily peaking over the highly psychological level before retreating back towards $1090/oz. What made gold's slight pop surprising is the fact that it came in reaction to much weaker than expected U.S. unemployment data. While one would expect a flight towards the Dollar and consequently a pullback in gold due to their negative correlation, the risk trades are holding strong thus far considering the circumstances. It seems investors were initially encouraged to pick up some gold after the unemployment rate headed past 10% (10.2%) in an effort to diversify their portfolios. However, it's hard to expect the risk trade to hold up all afternoon in light of what has transpired. Therefore, gold may be hard pressed to accelerate past $1100/oz today unless we experience a sizable devaluation of the Dollar. Therefore, we will wait to see how the day transpires before providing a more in depth analysis.
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