Daily Market Report 2/7/14

GOLD

Today the Labor Department reported that U.S. employment growth for January was 113,000 new jobs, the slowest since January 2011 -- economists had expected 178,000 new jobs. This report is fueling speculation the Federal Reserve will not further reduce its stimulus. This news caused Gold to immediately rally breaking through the $1,270 per ounce resistance level until professional commodity traders sold off their holding into the weekend. At 11am PDT today, Gold is trading at $1,264.00 per ounce, up $7 per ounce on normal Friday volume.

SILVER

Silver took another shot at rallying above $20 per ounce (I believe the tenth attempt in the past couple weeks) and didn’t have enough support to stay above $20. At 11am PDT today, Silver is up $0.04 per ounce, trading at $19.98 per ounce on light volume.