Weak U.S. Payroll Numbers Affect Gold and Silver Pricing

GOLD

After reaching a low of $1,544 per ounce in early Asian trading, Gold found strong physical support and rallied back above the key $1,550 support level. When the U.S. market opened, the Gold price jumped $10 based on a disappointing December U.S. nonfarm payrolls number of 145,000, which was less than expected. At 11am PT Today, Gold is trading at $1,558 per ounce up $5 in good volume.

SILVER

Silver also hit a low in early trading, reaching $17.80 before turning higher on fresh demand. Silver needs to move back and stay above the key $18 level to keep short-term bullish status with professional traders. Based on the weak U.S. payroll number, Silver moved above the key $18 number. At 11am PT today, Silver is trading up $0.16 per ounce, at $18.08 on excellent volume.