Weekly December Gold closed higher for the week. Even though the market closed up on Friday, the closing price reversal top on Thursday is still in place, indicating a possible short-term top. While a change in trend is not indicated at this time, the closing price reversal top could be indicating the start of a substantial correction.

Overnight the Euro confirmed Monday’s closing price reversal top after it came under selling pressure following a report in The Wall Street Journal that said the U.S. Federal Reserve’s new quantitative-easing program will be smaller than some investors had expected.

Wednesday’s weaker than expected ADP Report for November helped contribute to today’s drop in demand for higher risk assets. This led to a stronger Dollar as traders sought safety in the U.S. currency while reducing exposure in riskier stocks and commodities.

The U.S. Dollar posted a strong reversal to the upside today following the release of a better than expected U.S. Non-Farm Payrolls Number. The report which showed a loss of jobs less than economists had estimated sent a signal to traders that the U.S. may be the first major economy to recover from the recession.