Gold Settles $7.70 Higher Today… ($1133.80)

By IBTimes Staff Reporter | April 05 2010 3:08 PM

Monday’s Gold trade suggested traders were having trouble early trying to decipher the Friday unemployment data and what it means for the precious metals markets. On Friday the Labor Department announced the U.S added 162,000 new jobs. This was lower than the 190,000 predicted however, 162,000 more Americans have jobs!!! This data helped the equities rally….

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Many investors remain cautious regarding this good news data as it could direct the FOMC toward raising interest rates sooner than later. A raise in interest rates would show confidence in the U.S Dollar and probably send Gold lower at least short term.

The Gold showed late session strength as it followed the Crude Oil ($86.00 plus per barrel) and equities rally. Many International Markets were closed today in continuation of the Easter observance which justifies the light volume and sluggish trade.

SWING NUMBERS 4/6…JUNE GOLD RESISTANCE # 2………….$1144.00 RESISTANCE # 1………….$1139.00 PIVOT……………………….$1130.00 SUPPORT # 1……………...$1126.00 SUPPORT # 2……………...$1116.00

Mike Daly / Gold Specialist PFG BEST