U.S. Unemployment Numbers Causing Gold to Decline Rapidly

GOLD

Today, Gold is seeing its first weekly increase in the past month. A weaker U.S. Dollar Index (under 105) is helping Gold buying. The key negative factor for Gold is the unemployment numbers. Thursday’s report shows that new unemployment requests have continue to decline. The Federal Reserve looks at unemployment when considering to increase interest rates. In early and in late U.S. trading, Gold briefly reached the key $1,850 resistant level, and quickly sold down $3-$5 per ounce. At 11am PT today, Gold is trading at $1,848 per ounce, up $14 on excellent volume.

SILVER

Silver has traded above and below the key $21 level a few times today. Silver hit a low of $20.81 and a high of $21.24 as it attempts to move above the $21 resistance level in oversee trading. At 11am PT today, Silver is up $0.22 per ounce, trading at $21.10 on good volume.