More bad economic news as U.S New Home Sales unexpectedly fell to its lowest level on record. Purchases declined 11% sending a strong signal that the government tax credit extension may not be enough to fuel demand.

3 Million Homes are expected to be repossessed this year as the continued rise in unemployment is finding Americans unable to make their mortgage payments.

Federal Reserve Chairman Ben Bernanke said “the U.S. economy is in a “nascent” (emerging) recovery that still requires low interest rates to encourage demand by consumers and businesses once federal stimulus expires”.

The Chinese recently reported that purchasing IMF Gold at these levels was unattractive. They are the world’s largest consumers of Gold and have boasted their intentions to build their reserves from 1500 metric tons presently up to the 10,000 metric ton level in 10 years. A good poker player never tips their hand!!!

REPORTS: 2/25

EXPORT SALES……………….7:30 am (CST)
INITIAL JOBLESS CLAIMS….. 7:30 am (CST)

MY SWING NUMBERS 2/25 ….APRIL GOLD
RESISTANCE # 2…………$1118.00
RESISTANCE # 1…………$1108.00
PIVOT……………...... $1099.00
SUPPORT # 1……………..$1089.00
SUPPORT # 2……………..$1080.00