Gold goes up following ECB, what will happen after nonfarm? Gary Wagner of The Gold Forecast talks with Daniela Cambone of Kitco News about employment data and how he expects the report to affect gold prices.
Wagner also discusses critical levels he is looking at for the metal. Last week, Wagner said he was looking for a close above $1,262 because anything below that would indicate continued downside pressure for gold. The next critical level for Wagner is $1,232.
“If it does not hold, [gold] might make a play for $1,181, which is the next level of support,” he adds. Wagner says the bears are ‘running the show’ and expects Friday’s employment data to be neutral or a little bearish for gold.