Today's gold market traded between support and resistance levels in a very choppy and volatile $25.20 range. The terms concerning the Greek credit crisis are are weighing on the gold as investors are concerned with the pace of global recovery.
The Peoples Bank of China is hinting they considering raising rates again to help slow its economy which is bearish for Gold. However the jewelers of India have shown an insatiable appetite for Gold and have been purchasing bullion after price dips. They have been "bargain hunting" buyers.
Gold has been unable to retain gains as the Euro has been under pressure basically for 3 months therefore fueling the U.S dollars strength.
I also believe traders are waiting for the Thursday 3/11 economic numbers....
Reports: 3/11
EXPORT SALES.................7:30 AM (CST)
INITIAL JOBLESS CLAIMS...7:30 AM (CST)
U.S TRADE BALANCE.........7:30 AM (CST)
SWING NUMBERS....3/11 APRIL GOLD
RESISTANCE # 2...........$1138.00
RESISTANCE # 1...........$1123.00
PIVOT..........................$1113.00
SUPPORT # 1...............$1098.00
SUPPORT # 2...............$1088.00
Mike Daly is a gold specialist for PFG BEST: mdaly@pfgbest.com.
