Gold is unfortunately giving back yesterday’s gains, but patience remains the key here!

Following yesterday’s massive selloff in equities, I wouldn’t be surprised if some of the weakness in gold was driven by investors liquidating positions to meet margin calls elsewhere in their portfolios.

Adding to the pressure, this morning’s October Nonfarm Payrolls (NFP) report, released at 8:30 a.m., came in significantly stronger than expected, showing 165,000 jobs added versus expectations of just 65,000. This stronger-than-anticipated labor market data could give the Fed more reason to maintain a hawkish stance, increasing pressure to keep rates elevated and potentially raising the odds of a December rate hike.

The near-term volatility is frustrating, but patience and perspective are essential.

For educational purposes, not investment advice.

#Gold #FOMC