Gold/Silver declined after Labor Department announcement
Today the Labor Department said that U.S. employment increased by 200,000 jobs for January. This caused the U.S. Dollar and interest rates to rally and Gold/Silver and equity markets to decline. Gold hit a low of $1,328 briefly, before rallying back above the $1,330 per ounce support level. At 11am PST today, Gold is trading at $1,333 per ounce, down $12 on excellent volume.
After the Labor Department statement, Silver couldn’t hold the $17 support level and quickly dropped to $16.66 per ounce. I’ve said this numerous times, Silver must be above $17 per ounce right now to stay short-term bullish. At 11am PST today, Silver is down $0.48 per ounce, trading at $16.72 on high volume.