GOLD SETTLES $24.20 LOWER... ($1416.40)

One day after making new all-time high's ($1441.00). In the Globex April contract it appeared that traders were inclined to take profits as news and data stalled the upside momentum and creating an over-bought and top heavy atmosphere in the precious metals...

There are reports that The Libyan government has accepted a plan proposed by Venezuelan President Hugo Chavez to help negotiate an end to the conflict in Libya.. This may have given traders an indication that Libya will once again be supplying Crude oil and force energy prices lower....Time will certainly tell....

According to the Department of Labor...Initial Jobless Claims fell by 20,000 to 368,000 for the week ending 2/26.... This was far better than the 395,000 that was projected.... UNEMPLOYMENT DATA TOMMORROW FRIDAY 7 am (CST)...

European Central Bank boss Jean-Claude Trichet Indicated that the ECB may raise interest rates in April.....

All the above are 'bearish Gold and Silver and therefore resulted in a negative day for the precious metals.....

MY SWING NUMBERS FOR 3/4....

APRIL GOLD
RESISTANCE # 2........................$1446.00
RESISTANCE # 1........................$1432.00
PIVOT .......................................$1422.00
SUPPORT # 1............................$1407.00
SUPPORT # 2........................... $1398.00
VOLUME.....................................168,000

MAY SILVER
RESISTANCE # 2.......................$35.36
RESISTANCE # 1.......................$34.84
PIVOT ......................................$34.44
SUPPORT # 1 .......................$33.92
SUPPORT # 2...........................$33.52

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

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