Gold And Silver Rally In Weak U.S. Jobs Report

GOLD

Gold rallied $23 per ounce this morning on the news that U.S. jobs increased 209,000 in the month of June. This number is lower than had been expected and since U.S. jobs is a key economic indicator of the Federal Reserve it could affect any potential interest rate increase. The Gold price saw some short-term profit taking in late U.S. trading. At 11am PT today, Gold is trading at $1,927, up $16 on good volume.

SILVER

Silver moved higher on the U.S. jobs number and broke above the key $23 per ounce support-resistance level. Silver has been trading above and below the important $23 level for the past 3 weeks, while building a great base for the next move higher. At 11am PT today, silver is up $0.40 per ounce, trading at $23.10 on solid volume.