Gold Closes 80 Cents Lower... ($1348.20)

Today's Gold session traded a very sluggish $10.40 range. The Gold and Silver traded in a very technical range a investors may be taking a wait and see attitude toward the situation in Egypt. There have been reports that government opposition are demanding that President Mubarak relinquish his power to Mr. Suleiman a key lieutenant and possible successor or the demonstrators vowed to maintain their vigil... It has been reported that Egypt's military has been sent to protect the SuMed pipeline against possible attack due to the civil unrest. The SuMed stretches over 200 miles and transports crude along the Suez Canal. Obviously if the pipeline is disrupted it could send the price of Crude oil sky rocketing and higher Crude prices will be Bullish for precious metals. The Egyptian scenario is far from a resolution and will continue to shape the markets...

MY SWING NUMBERS 2/8

APRIL GOLD
Resistance # 2.........$1359.00
Resistance # 1.........$1354.00
Pivot ......................$1349.00
Support # 1.............$1343.00
Support # 2.............$1339.00
Volume ..................71,000

MARCH SILVER
Resistance # 2......$29.71
Resistance # 1.......$29.52
Pivot ....................$29.26
Support # 1...........$29.07
Support # 2...........$28.81

Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-563-8029
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