Gold lower on USD & unemployment numbers

GOLD

The U.S. Labor Department’s October employment number came in today at 261,000, making the unemployment rate only 4.1%, a 17-year low. This news, combined with a stronger U.S. Dollar, pushed the Gold price lower. Gold hit a low of $1,265 before bargain buyers got active. At 11am PDT today, Gold is trading at $1,268 per ounce, down $9 on average volume.

SILVER

Silver broke down below the key $17 support level this morning, reaching a low of $16.77 per ounce. Early next week will be key for Silver. If it can’t show good support and move back above $17 by Wednesday, we could see a test of $16.50 per ounce. At 11am PDT today, Silver is down $0.26 per ounce, trading at $16.85 on normal volume.