Gold & Silver Searching For Key Support Levels

GOLD

The ADP report on employment payroll showing growth of only 89,000 jobs for September was released this morning. This news caused the Gold price to drop to $1,816 per ounce (a 2023 low). Traders are looking to the September U.S. Jobs report, being released on Friday, for better direction. This is a key economic indicator that the Federal Reserve looks at for interest rate direction. At 11am PT today, Gold is trading at $1,819, down $8 per ounce on excellent volume.

SILVER

Silver has traded above and below the $21 per ounce price level all day. Silver reached a low of $20.67, then saw a sizeable amount of bargain buying and quickly rallied higher. At 11am PT today, Silver is down $0.29 per ounce, trading at $20.98 on excellent volume.