Today’s Globex Market traded as high as $1170.70 as the U.S Dollar came under pressure due to breaking news from the European Union. The announcement from the Euro States finance ministers in conjunction with the (IMF) International Monetary Fund approved a 30 billion Euro financial assistance package. It is expected that 10 billion will come from the International Monetary Fund. As a result of this announcement the Gold gained off renewed confidence from the Euro States. The Euro and the U.S Dollar normally trade inverted to one another as do the Gold and the U.S Dollar. Therefore news that is Euro friendly normally is good for gold and bearish for the U.S Dollar.

Despite an insatiable demand for Gold from India it appears the Indian Jewelers are reluctant to buy at these levels. APRIL and May are expected to produce one million weddings. Since Gold has a strong tradition and in both the Brides ornamentation as well as the gift of choice it seems the Jewelers are hoping for a price pull-back. They had been very aggressive around the $1100.00 level as they have been the underlying support for months.

REPORTS: 4/13
U.S TRADE BALANCE……..7:30 AM (cst)

MY SWING NUMBERS 4/13 (TUESDAY) JUNE GOLD……….

RESISTANCE # 2…………….$1179.00
RESISTANCE # 1…………….$1170.00
PIVOT……………………………$1165.00
SUPPORT # 1………………..$1157.00
SUPPORT # 2………………..$1150.00