Gold Hikes On Jobs Report; Is An Uptrend In Place?

Gold jumped on Friday morning and Kitco News speaks with Gary Wagner to see what the charts are telling him for the week ahead. One of the key levels he was looking at last week was the $1,280 mark, where gold hovered around yesterday afternoon. “We’ve come a couple of dollar short of that.” Looking back at the heavy economic data week, Wagner says he thinks the selloff in equities should have prompted more money into gold. “What I found to be interesting is we didn’t get any flight to gold,” he says. “My sense is that because yesterday was the end of the month it might have been something as simple as a round of profit taking by large institutional traders and hedge funds to lock in profits.” Wagner also comments on Argentina defaulting on its debt and looks ahead to the ECB rate decision and how it could affect the gold market. Tune in now to get his in-depth analysis of the market. Kitco News, August 1, 2014.

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