This story says $1200 is support, that is incorrect, there is really no support until the price that found a bottom previously and because of the passage of time and a decline in speculative passions I wouldn't bet on that holding.
$875 has been, and remains, our price target.
From Reuters:
*Further upside for dollar if jobs data firm to hurt gold
* Coming up: U.S. Nonfarm payrolls for Sept at 1230 GMT (Updates throughout, changes dateline from SINGAPORE)
By Clara Denina
LONDON, Oct 3 (Reuters) - Gold fell on Friday, poised for a fourth weekly loss in five, while platinum slumped to a five-year low as the dollar rebounded ahead of U.S. jobs data that will give more clues about the Federal Reserve's monetary tightening strategy.
The September non-farm payrolls data is due at 1230 GMT and a robust number could further fuel expectations of an early interest rate hike by the Fed. According to a Reuters poll of economists, non-farm payrolls are seen coming in at 215,000, a big jump from August.
Spot gold, which has benefited strongly from increased central banks' liquidity in the years after the financial crisis, touched a nine-month low of $1,204.40 an ounce on Tuesday. It was down 0.5 percent at $1,207.45 by 0949 GMT and looked likely to challenge the important $1,200 resistance level, traders said.
"That $1,200 seems to be the main support level for the time being but the view is that it could be breached with a good jobs number out of the U.S. later today," ABN Amro analyst Georgette Boele said....MORE
Here's Kitco's chart of that whole different world:
Most active (Dec.) futures: $1207.10 down $8.00.
Recently:
"The collapse in “physical demand” for precious metals in the USA"
Gold, Silver Resume Decline
