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Stock Drop on Bad Unemployment Data

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NFP report had actual reading of 69K last Friday.Most economists had expectation of 120K-150K. It was the worst reading since September 2010, when payrolls fell by 27K. The rise in the unemployment rate to 8.2% from 8.1% was the first increase since June 2011. The Last time NFP slowed for 4 straight weeks was in 2008.

Gold traders pushed the price higher after the report. Current support is at 1580 and resistances on the upside are at 1690 followed by 1710. Monday trading is slow due to the bank holiday, US Index Futures are pointing to a possible consolidation after the bearish trading on Friday. Stocks and commodities drop further on China slowdown.


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