A Strong April U.S. Jobs Report Pushed The Markets Higher

GOLD

A strong April U.S. jobs report helped the markets move higher on the opening. Gold reached a high of $1,894 before seeing weekend selling. The strong U.S. Dollar Index, now over 104, is affecting international sales of U.S. products. I expect to see the Fed take action if the Dollar continues to move higher. At 11am PT today, Gold is trading at $1,884 per ounce, up $10 on average volume. Considering the large drops in the equity and Bitcoin markets this week, Gold ending the week down only 1% is a bullish indicator.

SILVER

Silver was stuck in a trading area today between $22.23 and $22.71 per ounce on light volume. Inflationary news is expected to be reported next week, and with the Bank of England doubling their inflation outlook from 5% to 10%, their could be very bullish numbers in the U.S. At 11am PT today, Silver is down $0.07 per ounce, trading at $22.35 on normal volume.