Never mind the growing number of part time jobs, nor the rise in the unemployment rate, all the market looked at was the headline number of 195,000 jobs created compared to expectations of 165,000 and it was pretty much baked-into-the-cake that the tapering was going to begin in September of this year.
That pulled the rug out from under both gold and the bond market as those markets plunged. Rising interest rates in what most investors believe is a NON-INFLATIONARY environment is serving to lure short sellers into gold and forcing an exodus among recent bottom pickers and even some long-time bulls.
As stated many times recently, gold is in a intermediate term bear market and as such, rallies are going to be sold by speculative forces until such time as the technical chart pattern changes.
I wish to remind readers of this site not to be sucked into taking aggressive long positions in anything gold right now unless you have deep pockets and can absorb further losses while you wait for the deflation/inflation psychology to shift. Trying to buy into a market like this right now is attempting to catch a falling knife - you are going to end up ...