Gold Tests Key $3,200 Level And Bounces Back

GOLD

Yesterday we saw no Chinese buying, weaker unemployment numbers and a big rally in the U.S. Dollar and Gold was down $92 per ounce. Today, we had a higher-than-expected increase in the April U.S. jobs report and Gold rallied back above $3,230 per ounce. I’m watching the value of the U.S. Dollar as a indicators for next week’s trading in Gold.

At 11am PT today, Gold is up $16, trading at $3,232 on normal volume.

SILVER

Silver is seeing active trading as the Silver Institute releases its April report showing record industrial demand of 680.5 million ounces for 2024. Right now, Silver is testing support for the key $32 per ounce level.

At 11am PT today, Silver is trading at $32.04 per ounce, down $0.30 on average volume.