The demand for gold bullion continues to drive the market. It was reported that Greece once again had its credit rating dropped today forcing investors into safer havens (tangible assets) primarily gold. There is a sense of urgency world-wide for the European Union to get their fiscal house in order. Reports are conflicting however, the general synopsis predicts 2011 before the Euro states gain their stability. Meanwhile gold appears to be the hard currency choice of investors.

The demand in India remains great however, since the recent $40.00 price jump this week it seems the jewelers of India are remaining patient in hopes of a price pull-back. They are in the midst of their April-May wedding season and estimate over one million weddings will take place over this period. The brides of India traditionally wear gold ornamentation and much of the gift giving consists of tangible assets such as gold, silver, and diamonds…..

Swing numbers for Monday 4/12…June Gold

RESISTANCE # 2……………$1174.00
RESISTANCE # 1……………$1168.00
PIVOT…………………………. $1159.00
SUPPORT # 1……………….$1152.00
SUPPORT # 2……………….$1144.00

Mike Daly / Gold Specialist
PFG BEST