Unemployment News Bullish For Markets Then Outweighed By Coronavirus Updates

GOLD

The U.S. Labor Department release the February employment numbers today. The unemployment rate fell to a 50-year low of 3.5%. This news was bullish for the markets but was outweighed by coronavirus updates and the equity markets quickly dropped another 500 points. Gold dropped $23 initially, but rallied back to unchanged on heavy demand. At 11am PT today, Gold is up $5 per ounce, trading at $1,673 on excellent volume.

SILVER

After yesterday’s Silver rally, reaching a high of $17.41 per ounce, Silver sold off this morning. Silver tested the $17 support level this morning and held; Silver quickly rallied back with Gold to $17.30 on fresh buying. At 11am PT today, Silver is trading at $17.29 per ounce, down $0.010 on good volume.