Gold futures have staged a modest recovery today, with the most active Comex February contract with one hour left in trading is $2.60 higher at $1288.30.

A one-two combination of an extremely strong jobs report coupled with statements by Federal Reserve Chairman Jerome Powell resulted in market sentiment taking a 180° turn from extreme bearish sentiment to extreme bullish sentiment in regard to U.S.

Make no mistake, gold has been in a defined rally mode for almost two months. Since the middle of November when gold was trading just under $1,200 per ounce, we have seen a defined and solid uptrend moving gold approximately $100 higher.