Next week we have key political events, at current levels sellers might try to push lower once fund managers start to lock-in gains “thinking” of a slow the summer in the Northern Hemisphere. Japaneses and German stocks printed higher which is helping the US market.
The macro data was “ugly” today vs. expectations on the other hand, the market pushed higher. Nonfarm Private Payrolls rose 147K vs. 172K consensus. Prior numbers were also revised downwards.
As a full disclosure, I lower my short position in GOLD by entering long in a short term trade. I am net short.