Today’s Gold trade revealed some additional fall-out from Friday’s $19.90 drop in response to the Central Bank of India raising their interest rates. Early on the yellow metal was trading as low as $1092.10. But once again it made a late session surge to close around the $1100 level.

Early Dollar strength came from the continued uncertainty from the European Union as the financial bail-out terms regarding Greece were still as clear as mud. Speculation is that Greece may go to the IMF for a loan if the European Union does not bail them out. This is the scenario that will never end or so it seems.

Even with the volatile swings the Gold continues to trade between support and resistance levels and has been showing unbelievable resiliency under incredible world-wide pressure.

REPORTS: Tuesday 3/23
EXISTING HOME SALES…..9:00 am (CST)

My swing numbers for 3/23…..April Gold…..
RESISTANCE # 2…………..$1124.00
RESISTANCE # 1…………..$1108.00
PIVOT………………………..$1100.00
SUPPORT # 1………………$1092.00
SUPPORT # 2………………$1084.00

LET’S TALK GOLD!!!

Mike Daly / Gold Specialist