Gold And Silver Test Key Support Levels On Job News

GOLD

Job creation continued in November, with payrolls growing even faster than expected. On Friday, the Labor Department reported that nonfarm payrolls rose by 199,000 for the month, slightly better than the 190,000 Dow Jones estimate. The unemployment rate ticked down to 3.7%, below the 3.9% expected. The 10-year Treasury yield ticked up to 4.22% in early action. Meanwhile, Gold reacted negatively to the surprise increase and quality dropped $30 per ounce, testing the key $2,000 support level. Gold briefly dropped below the key $2,000 level, but quickly jumped back.

At 11am PT today, Gold is trading at $2,002 per ounce, down $29 on heavy volume.

SILVER

The Silver price fell along with Gold in reaction to stronger-than-expected November jobs news, dropping below the key $23 per ounce support level. However, Silver did rally back above $23 on heavy bargain buying.

At 11am PT today, Silver is down $0.79 per ounce trading at $23.02 on good volume.