US economic data on Friday showed that non-farm payrolls rose by 271,000 in October, substantially more than the consensus estimate of 185,000. The positive US data further validated a higher interest rate environment and had reverberations throughout the financial markets. The USD shot up against a basket of currencies while the euro fell to its lowest level in seven months. Yields on US government bonds rose, equities slumped, and gold tumbled below psychological support at $1,100 to close the week out at multi-month lows. As of today, gold has traded lower in eight of the last nine trading sessions. It has managed to consolidate somewhat over the past two trading days with its near term resistance and support defined between $1,100 and $1,075, respectively. Silver has followed gold’s path lower and will look to find bids ahead of the year’s low at $14.