Gold Closes $8.80 Lower ….($1153.40)

 @ibtimes
on April 13 2010 4:58 PM

Today’s gold trade favored the “Bears’ as a stronger U.S Dollar triggered some profit taking as the appeal for Gold lessened. However, today’s sell-off may present a buying opportunity from the Asian sector primarily India. The recent pattern has shown the jewelers of India have aggressively bought price dips to meet insatiable demand. As we are aware the country of India is in the midst of the April – May wedding season as well as the upcoming Akshaya Tritya festival falling on May 16th. There will be huge demand from the citizens of India as the gift of choice for these festive occasions is Gold.

Reports: 4/14 CPI…………………..7:30 am (CST) Retail Sales……..7:30 am (CST) Real earnings….7:30 am (CST)

Swing numbers 4/14….June Gold

RESISTANCE # 2……………$1165.00 RESISTANCE # 1……………$1159.00 PIVOT…………………………..$1152.00 SUPPORT # 1………………..$1146.00 SUPPORT # 2………………..$1139.00

Mike Daly / Gold Specialist PFG BEST

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