Today’s Gold trade got a boost from President Obama’s budget proposal. The budget which carries a $3.83 Trillion price tag is laden with Proposals to help unemployment and create jobs for Americans. The $3.83 number sent the U.S Dollar lower as it is considered to be adding to the already huge budget deficit. This Budget news fueled the Gold and Silver markets rally as Gold traded over the psychological $1100.00 level taking out key resistance levels and touching off stop –loss orders along the way… (HIGH…$1105.00)
Given the state of the European Union with Portugal, Greece ,and Spain all having severe budget deficit problems of their own the U.S Dollar could still be stronger versus the Euro internationally.
My Swing Numbers 2/2…in APRIL GOLD
RESISTANCE # 2………$1122.00
RESISTANCE # 1………$1113.00
PIVOT……………………$1095.00
SUPPORT # 1…………..$1086.00
SUPPORT # 2…………..$1068.00
Mike Daly is a gold specialist for PFG BEST: mdaly@pfgbest.com.
