Daily Market Report 6/5/15

GOLD

The U.S. economy added 280,000 jobs last month, the best month of 2015. This news caused Gold to continue its recent decline, reaching a low of $1,162.70 before finding fresh bargain buyers. If Gold doesn’t find major support in Asia on Monday, it could test the 2015 low of $1,141.60 per ounce. Gold reached that low on March 17th, then quickly rallied higher as major buyers appeared (30 tonnes). At 11am PDT today, Gold is down $9, trading at $1,169 per ounce on better than average volume for a Friday.

SILVER

Silver fell with Gold in early trading, breaking below the key $16 support level and reaching a low of $15.96 per ounce. $16 is an important support level for Silver. Any serious break below $16 could result in driving the price to test the 2015 low of $15.26 per ounce. At 11am PDT today, Silver is trading at $16.06 per ounce, down $0.14 per ounce on active volume.