Today’s gold traded higher as a result of a weaker U.S Dollar. The Dollar came under pressure from the Euro as news revealed there would be a joint venture between the European Union and the IMF to begin the stabilizing of the first of the Euro states in need (Greece). This announcement was a needed shot in the arm for the confidence of the Euro and the Euro states. There are other states behind Greece also seeking aid.

With the upcoming April – May wedding season in India quickly approaching the jewelers of India have been almost single handedly supporting the Gold market as of late. There is an expectation of over 1 million weddings over two month period. The Brides dress’ are laced and and covered with magnificent ornaments of Gold. Also….. the gift of choice also is Gold.

The World Gold Council also projected that China’s Gold consumption would double over the next decade. The Chinese are the world’s largest producers of gold and are unable to supply the demand from its citizens.

Reports : 3/30
Consumer Confidence…………..9:00 am (CST)

My swing numbers....Tuesday 3/30

RESISTANCE # 2…………$1123.00
RESISTANCE # 1…………$1115.00
PIVOT……………………..$1109.00
SUPPORT # 1……………..$1103.00
SUPPORT # 2……………..$1095.00

Mike Daly / Gold Specialist