Unexpected Jobs Increase Causes Gold To Fall

GOLD

After the U.S. non-farm payrolls (NFP) report was released this morning, showing an unexpected increase of 943,000 jobs last month, Gold fell over 2%. Based on this report, both the U.S. Dollar and interest rates spiked up and put pressure on the Gold price. This increase in jobs has boosted expectations that the Federal Reserve could begin slowing down economic support sooner than anticipated. Gold is finding excellent support above the recent low of $1,750. At 11am PT today, Gold is down $40 per ounce, trading at $1765 on high volume.

SILVER

When Gold broke below the key $1,800, Silver saw heavy selling, bringing it down to $24.20 per ounce, before seeing bargain buying. If this is the final clean out before the expected year-end rally, we need to see Silver back above the $25 level by month end. At 11am PT today, Silver is trading at $24.36 per ounce, down $0.90 on heavy volume.