Gold And Silver Test Key Support Levels On Job News

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	Strong Losses For Gold, Silver Following "Goldilocks" U.S. Jobs Report
	Gold and Silver prices are posting strong losses near midday Friday, in the aftermath of a U.S. jobs report from the Labor Department that suggests the U.S. economy is presently in a pretty good spot... Jim Wyckoff
	Young Chinese Spurn Traditional Investments In Favor Of Gold
	Gold buyers in China are getting younger, as a property market downturn, weakening stocks and currency and low bank deposit interest rates have left them with dwindling options to save for rainy days in a sputtering economy... Casey Hall & Amy Lv
	Gold Drops To $2,020, Eyes On US ADP Data
	Gold price loses momentum during the early Asian session on Wednesday... Lallalit Srijandorn
	Gold Drops After Spiking To Record High Of $2,130
	Gold has exploded as much as $60, spiking to a new all-time high of $2,135... ZeroHedge
	Gold Soars Past $2,100 To New Record: Analysts Don’t Expect It To Stop There
	Gold prices notched a new record on Monday for a second day in a row — with spot prices touching $2,100 as the global rush for bullion appears set to continue... Lee Ying Shan

Last week, we saw high volatility in the price of precious metals. Gold reached a high of $2,140 and a low of $1,994 per ounce, a $146 range (7.3%) from the high to the low. Last Friday, Gold closed at $2,002, down $69 per ounce for the week.

Last Friday, Gold briefly traded at $1,994 per ounce, well below the very important $2,000 support level. This week, it is important for Gold to stay above $2,000 to retain the short-term bullish status from professional commodity traders. Briefly testing the $2,000 level is bullish as long as Gold stays above that level. Gold could break down below $2,000 this week and close there for a day or two. But, if it stays under $2,000 for more than a few days it will be very bearish for the short-term, and Gold could move down to the $1,950 level.

Today: A strong rally in the U.S. Dollar, over 104, this morning drove the price of Gold lower. Gold broke below the key $2,000 level and it appears to be a final clean out. The financial markets are still concerned about Friday’s bullish job report and how it will affect future Federal Reserve decisions.

The Gold price showed high volatility last week, but Silver’s volatility was greater. Silver reached a high of $26.04 on Monday before dropping to $22.97 last Friday. Silver’s trading range for last week amounted to $3.04 or 13.2%. Silver closed Friday at $22.98 per ounce, down $2.50 per ounce for the week. Like Gold, Silver is at a critical support level of $23 per ounce and needs to stay above that level to remain bullish. Based on Friday’s prices, the Silver-to-Gold ratio remains at 86.5-to-1, still an excellent investment opportunity.

Today: Silver moved lower with Gold this morning, reaching a low of $22.70 per ounce before finding bargain buying. Silver also needs to move back above the key $23 level by the weekend to retain a bullish sentiment.

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