Gold And Silver Tests Support On Employment News And Rallied Back

GOLD

Job growth in April proves better than expected despite bank issues and a decelerating economy, per the Labor Department. Friday’s Nonfarm payrolls report shows an increase of 253,000 for the month, handily beating the forecast of 180,000. Average hourly earnings rose 0.5% for April and jumped 4.4% from a year ago, both higher than expected. Unemployment is at its lowest point since 1969.The Fed has said it closely considers labor market conditions and inflation data when making monetary policy decisions. Gold reached a low of $1,998 per ounce on the report, testing $2,000 support level, before moving higher.

In overnight trading last night Gold declined from $2,046 to $2,035 on weekend profit taking, but when the employment news hit the market and Gold, for hopefully the last time, tested the $2,000 per ounce support level.
As the market moved out of England into the U.S. fresh buying was found and Gold quickly rallied back to $2,015 per ounce. At 11am PT today, Gold is down $32 per ounce trading at $2,019

SILVER

Silver moved lower with Gold last night on the employment news, finding serious support at the $25.11 per ounce. Silver found sizeable buying at that level and starting rallying back forward $26 per ounce. At 11am PT today, Silver is trading at $25.72, per ounce, down $0.38 on excellent volume.