The Gold prices jumped into its highest levels since November after the release of the March jobs report that was weaker than expected, but later in the session, prices went for a dive and were last seen just a little higher by the end of the session. The demand for a safe-haven bullion slightly shot up when the U.S. released its missiles aimed at Syria but the gains later evaporated.
"On a technical basis, today's a disappointing day," Matt Maley, equity strategist at Miller Tabak, commented Friday on CNBC's "Power Lunch."
The futures were at $1,273.30 early in the session, gold futures managed to rise decisively above their 22-day moving average. However, gold futures settled a bit below that mark, and was last seen trading at $1,257.30, which slid even further as the equity come to a close.
From a fundamental perspective, gold is torn between catalysts. "The long-term economic trends are against gold — it is a strengthening recovery, you do have firming labor markets, and you also have rising interest rates," she said Friday on "Power Lunch."
On the other hand, the United States and around the globe have become increasingly volatile and anxiety-making "so that's been pushing gold up while the economic trends have been pushing it down," Sanchez added.
However, the firm added that "the prices of both could fall back in the near term if, as seems likely, the U.S. intervention proves to be a "one-off," also citing waning central bank demand for the yellow metal as a drag on prices.