Two economic-data metrics released today point to U.S. economic recovery: low planned U.S. job cuts - a two-year low, in fact - and not-bad retail numbers for December.
This kind of news has recently been bearish for gold, as it signals a near-future Fed rate hike and strength in the U.S. dollar. Not this day, however. After the first item was released, gold spurted up to over US$1,130/oz. Previously, it had been in a $1,120-$1,125 trading range short-term.
As I write this post, the uptrend's continued. After dipping below $1,130, gold's rose to $1,133.80. This uptrend has occurred in the same timeframe that hardcore goldbugs have pointed to as ruled by the gold-slammers.
A blip, or a shift in the wind? We'll see as the more economic data is released.
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