- Threatening $1,300 per ounce in the wake of last week's employment report, gold has pulled all the way back to $1,266, now off 2.2% on the session.
- Bulls on the metal would like to believe the move down is technical in nature as gold had moved from $1,230 to nearly $1,300 over just a handful of sessions.
- Bears will note that gold was unable to sustain gains despite the bullish news from the employment report, and the reaction in short-term rate markets: Fed Funds futures continue to rally, shaving the odds of a rate hike in June to about zero, and the chance of even one Fed move this year to only a hair over 50%.
- GLD -1.9%
- ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GTU, UGLD, GLL, DZZ, GLDI, OUNZ, DGL, DGZ, DGLD, GYEN, GEUR, UBG, QGLDX