Precious metal bulls, encouraged by gold's strong reaction to Friday's much better than expected non-farm payrolls report were rewarded again on Monday, with...

Precious metal bulls, encouraged by gold's strong reaction to Friday's much better than expected non-farm payrolls report were rewarded again on Monday, with gold prices pushing as high as USD $1317oz, before easing to USD $1310oz where the yellow metal sits currently. Silver prices also performed well, strongly holding the support line at USD $19oz it was testing late last week and getting as high as USD $19.81oz before pulling back slightly. Gold prices are now comfortably back above their 200DMA, but would need to hold above USD $1320oz to break the 50DMA and turn the market more clearly bullish short-term. With ETF's still shedding tonnage though (SPDR - the worlds largest gold ETF is back below 790 tonnes as of Friday) we're still a long way away from being short term bullish, and see gold in a trading range for now. More details here (VIEW LINK)