The big rise in gold today was primarily fueled by the euro's recovery vs. the U.S dollar. It appears plans for the Greek bailout are beginning to take structure as investors await Wednesday's Greek Cabinet meeting in which further restrictions will surely be implemented.
This recent Gold rally has been very fundamental as the $1100 support level has been supported by over night buying from the Asian sector. The Gold has been trading through resistance areas but until today has been unable to close over the $1130.00 level.
I expect Gold to continue to trade in vast and volatile ranges as the debt crisis throughout the European Union sorts itself out.
REPORTS:
NON- Manufacturing Index.....9:00 am (CST)
My Swing Numbers 3/3...April Gold
RESISTANCE # 2...........$1153.00
RESISTANCE # 1...........$1145.00
PIVOT..........................$1130.00
SUPPORT # 1...............$1122.00
SUPPORT # 2...............$1107.00
Mike Daly is a gold specialist for PFG BEST: mdaly@pfgbest.com.
