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Gold Closes $15.40 Lower ... ($1724.90)
Today's April Gold Futures session traded a choppy $26.90 range.
The gold market continued to decline today as the stronger U.S Dollar and lower crude oil prices help to lessen the demand for precious metals. The market had traded as low as low as $1714.00 early in the session before railing off news that President Obama ordered new sanctions against the government of Iran including its Central Bank. President Obama stated
"the sanctions are warranted because of the deceptive practices of the Iranian Central Bank and the unacceptable risk posed on the international financial system by Iran's activities".
The world is certainly watching as Iran continues to enrich uranium in order to achieve nuclear capability. It is widely believed that if Iran continues to enrich uranium it will bring a unilateral strike on Iran's nuclear program. A warring environment especially in the middle-east (oil supply) would be considered "bullish" for precious metals. St. Louis Fed Boss James Bullard is opposed to the FOMC retaining these low interest rates and stated that the zero interest rate policy punishes savers....
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ECONOMIC DATA: 2/7
CONSUMER CREDIT................2:00 PM CST.
MY SWING NUMBERS 2/7
APRIL GOLD
RESISTANCE # 2..............$1754.00
RESISTANCE # 1..............$1740.00
PIVOT............................ $1727.00
SUPPORT # 1..................$1712.00
SUPPORT # 2..................$1700.00
VOLUME..........................129,000
MARCH SILVER
RESISTANCE # 2...............$34.44
