[video] Quick Take: Gold Could Be Headed for $1,300 Following Bad Jobs Report
NEW YORK (TheStreet) -- Gold prices are slightly higher. Phil Streible, senior market strategist at RJO Futures, told TheStreet's Joe Deaux the lower-than-expected nonfarm payrolls report on Friday sent gold prices sharply higher.
Investment firm UBS thinks gold could run to $1,300 because of this report. Streible didn't disagree but said it will likely need some additional less-than-inspiring economic data points to arise first.
Gold investors put most of their focus on the monthly payrolls report and the Federal Reserve minutes meetings. Streible added that physical demand for the yellow metal has been strong, especially in coin form.
The Fed will meet near the end of January. If it seems like it is even considering pulling back on its tapering plans, this should thrust gold prices even higher, he suggested.So where is gold headed in the short term? Streible concluded that the yellow metal seems most likely to trade down $1,228 this week, before bouncing higher, back to the current $1,250 level. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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