KITCO NEWS — Although gold prices roared higher Friday in the immediate aftermath of surprisingly weak nonfarm payrolls data, one analyst says he still needs to see technical evidence in the market to become bullish long-term. According to the Bureau of Labor Statistics, only 142,000 jobs were created in September, well below expectations of 200,000 jobs. ‘[It] was such a low number that the current take at least for today is that certainly the Fed can’t raise interest rates this year, and probably not until March of next year,’ Gary Wagner, editor of thegoldforecast.com, told Kitco News Friday afternoon. ‘That kind of perception, I believe, is what has really propelled gold to higher pricing.’ December Comex gold futures rose roughly 2% on the day, hitting an intraday high of $1,140.90 an ounce. The metal was last quoted up $23.10 at $1,136.80 an ounce. ‘In my opinion, on a technical basis, we really need gold to close above $1,157 before I can get bullish long term,’ he said. ‘Right now, we don’t have any technical evidence that we’ve broken out of its range,’ he added. According to Wagner, gold’s key levels are now around resistance at the $1,140 and $1,157 price point.
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