Gold Moves Above The Key $2,400 Level – Silver Rallies

GOLD

The U.S. Labor Department reported today that the initial claims for unemployment benefits fell by 17,000 claims to a seasonally adjusted 233,000 for last week. The number was lower than expected as consensus estimates forecasted a reading of 240,000 claims. The previous week’s figure was revised by 1,000 claims to 250,000.
Gold rallied on this news reaching $2,417 before seeing some short-term profit taking.

At 11am PT today, Gold is at $2427.50, up $37.50 from yesterday.

SILVER

This morning Silver moved higher with Gold, reaching a high of $27.38 per ounce, well above the $27 per ounce key support/resistance level.

At 11am PT today, Silver is at $27.66, up $0.92 from yesterday.