Daily Market Report 7/8/16

GOLD

The U.S. economy added 287,000 jobs in June, rebounding from May, causing U.S. unemployment to reach 4.9%. Normally, an increase in the number of U.S. jobs would be negative for Gold because it means the economy is improving. Gold’s bullish bias, however, is over shadowing the news. At 11am PDT today, Gold is trading at $1,360 per ounce, up $2 on average weekend volume.

SILVER

The Silver price is showing more strength than Gold. This morning, after reaching a low of $19.21 per ounce, major buying appeared in Asian and European markets. The price of Silver quickly jumped back above the $20 resistance/support level. At 11am PDT today, Silver is up $0.35, trading at $20.05 on excellent volume.