U.S Department of Labor Reports On Unemployment

GOLD

The U.S. Department of Labor reported today that the number of first-time claims for unemployment benefits fell to 211,000 for the week ended December 10th. This was a drop of 20,000 from the previous week, and combined with yesterday Hawkish Fed statement all the financial markets declined. Gold reached a low of $1,773 before finding excellent support and rallied back $5 per ounce. At 11am PT today, Gold is trading at $1,778 per ounce, down $24 on excellent volume.

SILVER

The Silver price fell on the same news, testing its $23 key support level. Silver did reach a low of $22.98 per ounce before seeing bargain buying. At 11am PT today, Silver is down $0.50, trading at $23.10 on excellent volume.