Today's gold trade was sluggish in anticipation of tomorrow's FOMC meeting.
Despite concerns that China is considering further rate cuts, the gold market has shown great resiliency around the $1,100 level. Much of the support has come from India's Jewelers as they have been heavy buyers In preparation for the upcoming Akshaya Tritiya festival. This is a festival auspicious for the buying of Gold and will be celebrated on May 16th.
There are rumors that Europe 's vast Gold reserves could be used to fiscally back troubled Euro nations. The European Union has agreed to a multi-billion Euro bail-out for Greece . However there are other Euro states also seeking financial aid.
Reports:
FOMC MEETING.............
Housing Starts & Permits........7:30 am (CST)
SWING NUMBERS 3/15 APRIL GOLD
RESISTANCE # 2..............$1113.00
RESISTANCE # 1..............$1109.00
PIVOT.............................$1105.00
SUPPORT # 1..................$1101.00
SUPPORT # 2..................$1097.00
Mike Daly is a gold specialist for PFG BEST: mdaly@pfgbest.com.
