A strong NFP data should have caused a steep decline in gold but I think nobody was prepeared for that at Smartmoney.
So what can the banks do in this case? Bullion banks are starting to pull up gold price in the low Friday afternoon session. In the gold market - and miners market - traders get used to buy the dip so they think the rally will last forever. But not this late in the daily cycle and so much stressed above the 200 on the . Miners are due for a correction and I think we have seen the top in GDXJ and GDX yesterday.
The artificial gold rally on Friday gave the chance to miners to rally higher and banks could sell into this breakout.
I'M looking forward to see a GAP down open in the miners on Monday.
Tomorrow we will have 3 FOMC members speaking 9:15 Tarullo, 9:35 Bullard, 17:30 Kashkari. Let's see what they have to say. I think now conditions are OK for Fed to start talking - looks like we have officially recovered from Brexit :).