Netanyahu’s call for tough action against Iran had little effect on the market

Netanyahu’s call for tough action against Iran had little effect on the market or the sitting president of the USA. In fact it was received as  a ho-hum event by not only the US president but the Iranians as well. Today’s  Services Purchasing Managers Index (PMI) released by Markit Economics came out higher than expected which was quickly jumped on by bears as a bullish signal for the economy driving gold down below the 1200 price this morning and the whole precious metals group followed suit. Is this number that significant to warrant the reaction? Probably not and expectations are for it to recover and settle back above 1205 today. If it settles lower, then the bears will have weekend the support and the direction may change. For now the real focus will be the Unemployment numbers coming out Friday.