Gold Settles $1.70 Higher Today… ($1124.20)

By Mike Daly
17 March 2010 @ 02:30 pm EDT

Gold traded in a technical range today trading higher off the weakness of the U.S Dollar. I believe many traders were sidelined today awaiting tomorrow’s economic data. Especially the Jobless Claims…as investors look to the unemployment situation to judge the economic outlook. Gold traders are looking for a close above $1140.00

technically to change the trend. In the mean time I feel traders are uneasy about holding long positions and have been taking late session profits.

REPORTS: 3/18

CPI……………………………....7:30 am (CST)

EXPORT SALES……………….7:30 am (CST)

INITIAL JOBLESS CLAIMS…...7:30 am (CST)

REAL EARNINGS……………...7:30 am (CST)

SWING NUMBERS…..3/18…

RESISTANCE # 2…………$1139.00

RESISTANCE # 1…………$1131.00

PIVOT………………………$1126.00

SUPPORT # 1……………..$1118.00

SUPPORT # 2……………..$1113.00

*There is Extreme risk trading futures, options, and forex*

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