Kitco News – Should Friday’s nonfarm payroll miss expectations, it could be the break gold is waiting for, said one market professional. ‘It is going to be huge,’ said Bill Baruch, senior market strategist at Chicago-based iiTrader, in regards to the potential impact on gold. ‘Our line in the sand is 200,000 jobs created, the expectation is 223,000 –- so you want to see a better number than that for the dollar to excel. If we miss that, look for gold to get out above $1,100 an ounce and hit the $1,300 area as shorts look to start covering,’ he told Kitco News. On Tuesday, gold was recovering from an overnight low of $1080.20 — Kitco’s spot gold price showed the metal up $5.00 and trading at $1091.10 an ounce. Baruch added that the present economic data was not helping the yellow metal’s case, including Friday’s dire wage growth data. The metal has not been able to achieve a close above $1,100 an ounce since July 21.
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