Daily Market Report 2/5/14

GOLD

Based on the disappointing ADP employment numbers for January, Gold rallied this morning, reaching $1,273 per ounce at one point. Gold couldn’t hold above the $1,270 per ounce level and quickly retreated to $1,255 per ounce. The ADP employment numbers showed an increase of 175,000 jobs in January (down from 227,000 in December), the lowest increase in five months. At 11am PDT today, Gold is up $6 per ounce, trading at $1,257 per ounce on excellent volume.

SILVER

As Gold rallied this morning Silver took off, reaching $20.26 per ounce, over the important $20 per ounce resistance level. However, when Gold broke down, Silver quickly dropped back under the $20 per ounce level. At 11am PDT today, Silver is trading at $19.80 per ounce, up $0.38 per ounce on excellent volume.