Gold Building A Firm Base Between $1,950 And $2,000

GOLD

The Gold price sold-off today as the U.S. dollar rebounded after the report of positive weekly U.S. jobs data. The dollar index spiked as an unexpected fall in U.S. weekly jobless claims boosted bets that the Fed would keep interest rates higher for longer. Gold reached a low of $1,955 before seeing sizeable buying, driving the price back up $10. At 11am PT today, Gold is trading at $1,964 per ounce, down $9 on average volume.

SILVER

Silver fall below the key $25 level yesterday and was unable to move back above this morning. The strength of the U.S. Dollar Index (moving back above 101) was a important element in Silver sell-off today. At 11am PT today, Silver is down $0.25, trading at $24.66 on normal trading volume.