A surge in the Euro diminished the appeal for Gold as an alternative to currencies. The tension between the Greek cabinet and French president Nicholas Sarkozy appears to be resolved as the French leader said” the regions nations are ready to help Greece ease its budget crisis”. Many investors were fleeing to Gold as a safe heaven to hedge against the decaying EURO. The statement from President of France certainly injected a bit of solidarity as well as confidence from the European Union.

As we have witnessed in the past few months there is plenty of buying interest especially in the Asian sector when the Gold has a sell-off dip. The Gold market has been very technical and has lacked momentum as many
Gold bugs are looking for the U.S Dollar to lose its luster. The main fuel for this Dollar rally has more to do with
the 3 plus month Euro tumble.

My swing numbers for April Gold…3/9

RESISTANCE # 2………..$1147.00
RESISTANCE # 1………..$1136.00
PIVOT……………………..$1127.00
SUPPORT # 1……………$1116.00
SUPPORT # 2……………$1107.00

Mike Daly / Gold Specialist
PFG BEST