Today’s Gold trade settled at $1122.30 after rallying from a low of $1108.20 earlier in the session. Globex traded a $16.90 range that was volatile yet trading technically between resistance and support levels. With Gold’s inability to trade through $1136.00 resistance it may have sent a sell signal as I believe their was profit taking as well as speculators selling short with the markets inability to trade higher…..

There was also added fuel to the Gold selling off as reports from Europe ststing that Portugal may be the next in line seeking aid (bail-out) from the European Union. Other EU nations who are also thought to need assistance Include Spain, Ireland, and Italy… this news pressured the Euro early and therefore adding strength to the U.S Dollar.

However a late session surge from Crude Oil, DJ, and the Euro helped to extend the late session Gold rally.

REPORTS: 3/10…
WHOLESALE TRADE……7:30 am (CST)

My Swing Numbers……April Gold 3/10
RESISTANCE # 2…………$1135.00
RESISTANCE # 1…………$1128.00
PIVOT………………………$1118.00
SUPPORT. #.1……………$1111.00
SUPPORT # 2…………… $1101.00

Mike Daly / Gold Specialist
PFG BEST