Gold Settles $17.00 Higher Today… ($1153.00)
Physical demand and technical buying fueled the Gold market today despite a strong U.S Dollar. The continued demand for gold from the jewelers of India has helped support and rally the gold market of late. Considering the expectations of over one million weddings in India over the next seven weeks the demand should remain high.
Gold traders also gained confidence after the Bank of Japan announced it would keep its interest rates at 0.1%. This helped to fuel gold’s rally sending it through key technical resistance levels ($1140.00) and touching off STOP-LOSS Orders creating a buying frenzy that rallied the market through the $1150.00 level. This rally most likely shook out me stubborn “BEAR POSITIONS” .
The European unions debt crisis is alive and well and Has many investors losing confidence in the EURO and preferring “safer haven” investments such as Gold.
The global demand for the yellow metal is the engine driving this rally….
REPORTS: 4/8…
EXPORT SALES……………7:30 am (CST)
INITIAL JOBLESS CLAIMS..7:30 am (CST)
SWING NUMBERS 4/8….JUNE GOLD
RESISTANCE # 2…………..$1168.00
RESISTANCE # 1…………..$1161.00
PIVOT………………………..$1147.00
SUPPORT # 1………………$1140.00
SUPPORT # 2………………$1126.00
Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-775-3014
312-563-8029
*There is extreme risk trading futures, options, and forex*
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