Today's gold trade was choppy and full of volatility as traders tried to decipher the news of the day. For the most part the market traded in a very technical range and maintained my support and resistance levels.
Today there were reports that FOMC Chairman Ben Bernanke is suggesting the possibility of raising U.S. Interest rates which is certainly negative news for the Gold market.
Also it has been confirmed that European Union Officials are clearly evaluating Greece 's budget crisis and possibly aiding there fiscal problems as the Euro recently hit an eight month low versus the U.S Dollar....Aiding Greece would help the Euro...therefore it would be bullish for the Dollar.
All eyes will be on the summit meeting of the European Union (Thursday) in Brussels .
Reports: 2/11
Business Inventories............7:30 am (CST)
Export Sales ..................... 7:30 am (CST)
Retails Sales......................7:30 am (CST)
Initial Jobless Claims............7:30 am (CST)
SWING NUMBERS 2/11....April Gold
RESISTANCE # 2..........$1094.00
RESISTANCE # 1..........$1085.00
PIVOT.........................$1074.00
SUPPORT # 1...............$1065.00
SUPPORT # 2...............$1054.00
Mike Daly is a gold specialist for PFG BEST: mdaly@pfgbest.com.
