Daily Market Report 07/03/14

GOLD

This morning, the Labor Department reported that U.S. employment growth jumped in June and the jobless rate closed in on a six-year low. Non-farm payrolls increased by 288,000 jobs last month and the unemployment rate fell to 6.1 percent, its lowest level since September 2008.

This news was good for the economy and negative for the Gold price today, because this gives the Federal Reserve a good reason to raise interest rates earlier then 2016. After the above news, Gold tested support at $1,308.80 and quickly rallied back.

At 11am PDT today, Gold is trading at $1,320 per ounce, down $9 on heavier than normal volume for a long holiday weekend.

SILVER

Silver also tested support this morning, reaching $20.78 per ounce, then quickly rallying back above the $21 support level. Over the past three trading days, Silver continues to show excellent support at the $21 per ounce level.

At 11am PDT today, Silver is down $0.10 per ounce, trading at $21.11 on heavier than normal trading volume for a holiday weekend.