February 3, 2022 – After a brief dip below $1,800 on the surprisingly positive January jobs report, Gold quickly rebounded and again climbed above $1,800 per ounce. US nonfarm payrolls saw a gain of 467,000, which massively outperformed Wall Street’s estimate of 150,000.
Following this shocking report, which reveals a very strong economy despite the effects of omicron, investors will now watch for how the Federal Reserve reacts to this data in regard to interest rate hikes.
Meanwhile, the gold price pattern is in a vice, as illustrated on the chart below, and a breakout either way appears to be due soon.
Looking at the other precious metals, platinum and palladium have been strong performers while silver languishes. This uneven performance within the precious metals complex has greatly benefited investors in the PMC Ounce, as evidenced in the chart below.