Employment numbers from last week were provided little fresh catalyst for gold bulls. Gold is continuing along the path of least resistance, lower, and is perilously close to breaking this years low of 277.5, hitting a low of 278.4 today. When it does break that area look for selling to be exacerbated due to sell stops being run. The trend in gold has been and is still clearly lower. Yes, one day it will rally as it can't go to zero, and if you can't resist jumping into the bullish camp, call option purchases which entail minimal risk and maximum reward possibilities are the only reasonable path to pursue.
Technical signals are bearish but indicators are oversold.
Bears should expect a break of 277.5 to exacerbate selling. Remain bearish until two consecutive closes over 281.8. In spite of the fact that palladium and platinum crashed today, silver managed a small gain. September silver posted a small rally today, finishing at 497, up 2.7 in what was mostly a quiet day. However, the recent heated action in the PGM has been negligible at best.