Spot gold enjoyed a monster rally on Friday with a high of $1178. The US payrolls report alone didn't cause such a strong reaction. If you look at the U6 unemployment rate - the broadest measure of unemployment - it fell 30 basis points to a six year low. There was a 683,000 jump in the household survey, which effectively saw the participation rate increase a touch. Despite this, the headline unemployment rate ticked down to 5.8% and is now only 30 basis points from where the Federal Reserve classify as full employment. In this report I look at gold's technical setup, with an eye on the 30 Nov Swiss gold referendum - (VIEW LINK)
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