June 2013, Week 2 Edition

Once Again, Gold Staged a Rally over $1400 only to fall back under $1400 on Friday, based on a fairly healthy jobs report. Gold's trading range in the last four weeks has been between a floor of $1355 and a ceiling of around $1410, so it will be important to see which barrier is broken first. A sustained move above $1410 would be bullish, but we can never rule out the possibility of a test of gold's most recent lows. Meanwhile, platinum is holding near break-even for the year, due to labor unrest in South Africa, while silver is down more significantly than gold, as silver often resembles the gold market "on steroids."