Gold prices are sinking today, driving gold ETFs lower as investors flee safe haven assets for stocks amid positive unemployment data.

In early morning trade, Comex August gold was 4% lower for the week, falling to $1,682.40 an ounce. The SPDR Gold Shares (GLD) was also off for the day, down 1.88%, while the iShares Gold Trust (IAU) lost just over 2% Friday.

The contract was down 2.6% Friday alone, pegging low of $1,681.60, its weakest level since April 21, following a 2.5 million spike in May nonfarm payrolls.

Employment surprised analysts and investors by climbing 2.5 million in May as the jobless rate declined to 13.3%, according to data Friday from the Labor Department. That number was dramatically better than economists had anticipated and suggested that an economic recovery could be closer than imagined.

With investors eschewing safe haven trade, analysts are projecting further declines in the shiny metal.

“I am bearish on gold for next week,” said Colin Cieszynski, chief market strategist at SIA Wealth Management. “Gold stocks broke down this week and could lead the metal price lower.”

Technical chart indicators are also projecting more downside say analysts.

Charlie Nedoss, Senior Market Strategist with LaSalle Futures Group, noted the potential for additional drops in the near term after gold’s technical-chart picture deteriorated. He pointed out that the metal has slipped below its 50-day moving average, and prices also have established a series of lower daily lows and lower highs, an often bearish indication.

“You took a lot of steam out of this thing,” he said. He later added, “To me, the trend is changing.”

Jim Wyckoff, Senior Technical Analyst with Kitco, also sees a possible decline in the precious metal, saying he anticipates gold will be steady to lower after a large uptick in risk appetite this week, as stocks have continued their relentless recovery, with the Dow Jones Industrial Average exploding more than 1,000 points so far Friday.

Despite the huge move today, Richard Baker, editor of the Eureka Miner’s Report, expressed the importance of caution for gold-market bears: “Markets could quickly switch back to a ‘risk-off’ posture if the current rise in U.S. COVID-19 cases persists, slowing the reopening process.”

Phillip Streible, Chief Market Strategist with Blue Line Futures, is another expert who feels gold will rebound despite the unexpected jobs report that “blindsided” markets.

“Interest rates [on Treasury notes]spiked after the number,” Streible said. “I think in order to maintain a recovery, the Fed will have to intervene on interest rates and target low levels. As a result of that, I think gold futures will have a rebound from this low.”

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