[video] Quick Take: Gold Gains Ahead of Big Jobs Week
NEW YORK (TheStreet) -- Gold prices are getting a slight pop higher on Monday. TheStreet's Joe Deaux spoke to Phil Streible, senior commodities broker at RJO Futures, about what's happening in the market.
Streible reminded investors that gold prices were hit hard on the final two trading sessions last week after the Federal Reserve statement came across as more hawkish than anticipated, so a slight bounce in gold is more than warranted. He added that there has also been a boost in Indian demand from over the weekend.
Gold will be watched closely by investors ahead of this week's third-quarter GDP results and nonfarm payrolls report.
Regarding the labor report, Streible suggested the number would need to come in much lower than estimated to significantly move gold prices higher.
He said that if the actual number came in roughly 40,000 lower than economists expect, gold prices could jump back above $1,350. If that level can hold, bulls will likely be in control of the yellow metal and upside momentum may follow, he concluded.
-- Written by Bret Kenwell in Petoskey, Mich.Follow @BretKenwell
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts