Gold And Silver Continue To Test Key Support Levels

GOLD

Gold price reached a low of $1,902 per ounce as US Employment conditions have tightened further. The US labor market has been flooded with 497,000 unemployment requests in June, higher than the expectations of 228,000. Equities moved lower and 10-Year Treasury notes moved above 4%. At 11am PT today, Gold is trading at $1,911 per ounce, down $10 on average volume.

SILVER

Silver moved lower on the unemployment news, breaking below the $23 resistance level and reaching $22.50 before seeing bargain buying. At 11am PT today, Silver is down $0.50 per ounce, trading at $22.70 on normal volume.