Back in the "old days," a Jobs Report like the one released earlier this morning, would have elicited a "slightly" different response:
The bond market would have been crushed by three points and probably 30-40 basis points in YIELD.
Today, however, we see (so far) a about a 3/4-point move in bonds and about a 6-basis-point uptick in YIELD.
Apparently, the "smart money" is not buying this recovery either because
1) they think a Fed hike will choke off growth in a hurry, or,
2) because they don't think the economy can withstand any rate hike at all next year!
On the enclosed hourly chart of 10-year YIELD (above), only a climb in YIELD above key resistance between 2.30% and 2.40% will morph the Smart Money into something less intelligent.
Unless and until Smart turns Dumb, Gold should remain relatively buoyant.
Purely from a technical perspective, now that the Mon-Thurs coil has morphed into a more traditional correction ($1221.39 to $1186.22), I cannot rule out a press into the $1182/80 area prior to the emergence of another upleg that projects to $1250/60-- provided 10-year YIELD remains south of 2.36%-2.40%.