Gold moved above resistance level<br />Daily Market Report 6/2/17

GOLD

Yes, Gold quickly moved above the $1,270 per ounce resistance level and kept on going, reaching a high of $1,279. The news that started this rally was the disappointing Non-Farm payroll figures, released by the Labor Department this morning. The analysts had expected 185,000 new jobs and the number was only 138,000. This negative news should cause the Federal Reserve Governors to have a second thought before raising interest rates. At 11am PDT today, Gold is trading $1,276 per ounce, up $9 on excellent volume.

SILVER

Just as I mentioned in Tuesday’s Weekly Market Report, Gold jumped above the key $1,270 level and Silver quickly rallied above the $17.50 per ounce level. Silver did reach a high of $17.60 today, before seeing some light selling. At 11am PDT today, Silver is up $0.25 per ounce, trading at $17.52 on good volume.

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