Today’s Gold traded a very choppy and technical range. The session primarily traded between the pivot and resistance levels most of the day. Stocks , metals ,and the energies all benefited from better than expected corporate earnings and retail sales. Crude oil futures rallied after the U.S Energy department announced a better than expected decline in inventories and a gain in the equities. This helped to send the U.S dollar lower and rallied Gold.

The European Union’s debt crisis continues to drive the global economy. Billionaire Investor George Soros was quoted as saying “Greece still faces the danger of a “death spiral” because the cost of borrowing in the Euro region is too expensive”. It has been reported that Portugal may need additional fiscal aid. This daily scenario is affecting the basis between the the U.S Dollar and the Euro Dollar as the news dictates. It has really been difficult to decipher the conflicting reports.

Federal Reserve Chairman Ben Bernanke has pledged to keep the main interest rate low for “extended period” contingent on high unemployment and low inflation. This also helped fuel the gold rally as an interest rate hike would show confidence in the U.S Dollar and most likely send Gold lower.

There was some increased interest from the Asian sector overnight as they held true to their pattern of buying price dips. Wedding season and upcoming festivals are keeping the Jewelers of India busy supplying the insatiable demand.

REPORTS 4/15 / THURSDAY

EXPORT SALES……………………7;30 AM CST
INITIAL JOBLESS CLAIMS……7:30 AM CST

SWING NUMBERS 4/15
RESISTANCE # 2………………$1169.00
RESISTANCE # 1………………$1163.00
PIVOT……………………………..$1157.00
SUPPORT # 1...................$1151.00
SUPPORT # 2…………………..$1145.00

Mike Daly / Gold Specialist
PFG BEST