Gold Breaks Out And Is Running Towards New Highs

GOLD

As we wait to hear from the Federal Reserve on Fed Funds rate change today, Gold has shrugged off this morning’s strong jobs report and moved above $2,020 per ounce. Private payrolls rose by 296,000 for April, well above the estimate of 133,000, payroll processing firm ADP reported Wednesday. The Fed just announced as expected a ¼ point increase and said that it will determine whether additional hikes would be necessary in the future. VERY BULLISH FOR GOLD, and Gold quickly rallied $10 per ounce. At 11am, Gold is trading at $2,030, up $17 for the day.

SILVER

Silver tested the $25 support level after the payroll increase was announced and rallied back with Gold. At 11am PT today, Silver is trading at $25.45, up $0.15 on excellent volume.