9/4/2016. The market has had a week to digest Janet Yellen’s commentary at the Jackson Hole economic symposium, and it has so far interpreted her remarks as bearish for gold and the rest of the precious metals complex. The Fed has maintained that a rate hike would be predicated upon improved US economic data and that the decision will be data driven. Tomorrow, at 5:30 AM PT, brings the all-important US unemployment figures. Market participants will be keenly watching the release of the figures as they are likely to strongly influence the Fed’s next interest rate pronouncement. On the eve of this economic release, gold has found itself on precarious footing. It has been trending steadily lower since mid-August and has tested down to just above $1,300 the past two days. Major support is converging at the psychological level of $1,300, the 100 day moving average at $1,296.80, and an eight point trendline dating back to December 2015 at $1,291. A better-than-expected jobs figure could send gold below all of these which would encourage further short selling. A worse-than-expected jobs figure would send gold right back up again and would represent an impressive hold of support though. Stay tuned!