Gold is struggling to break out of a tight range as unemployment data

Gold is struggling to break out of a tight range as unemployment data outweighs the Fed Beige Book data released yesterday afternoon. A day after ADP reported better-than-expected private sector jobs numbers, weekly initial jobless claims show a decline for the second consecutive week (down 7,000) adding further support to the risk-on rally that has equities markets reaching further into the financial frontier. Like Meat Loaf said, “two out of three ain’t bad” and while I have no idea what in the world he was talking about, the third and final piece of the jobs picture will be released tomorrow and that’s really the only piece that matters. Until then, markets should be in wait and see mode. The precious complex is in positive territory to start the day with platinum continuing to test its staying power above $1600 which has proven difficult despite recent happenings in the southern tip of Africa. The white metal is currently trading at $1598. Have a great day!