Overnight Metals Weakness

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Good morning, everyone. When Springheel Jack said a couple of weeks ago he’d be taking a vacation, I was really bracing myself. I have become quite spoiled with his lengthy morning posts, which allows me to stumble around in the darkness for a bit before having to write anything. I will be delighted to see him back here on Monday morning!

In the meantime, just one quick chart; gold was looking pretty shaky last night, but it shook off all its losses after the jobs report. My view is that this is a “tell” as to some underlying weakness ahead. The 1300-1350 range was broken last night, and in spite of this bounce, I think the gentle slide is going to continue for the yellow metal in the weeks ahead.

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