Gold Settles $35.60 Higher ... ($1700.10)

Today's February Gold Futures session traded a very volatile $54.10 range. The market rallied hard after the 11:30 CST. FOMC news release stating that there would be no ate increase through at least late 2014. They also stated that expect to maintain a highly accommodative monetary policy. This may indicate more easing in the future. The Gold market rallied from the $1666 level to the daily high $1703.30 in less than 1 hour. It appears that traders are seeing this action as U.S Dollar negative and precious metals friendly. The FOMC stated that the economy was expanding at a moderate pace and the high unemployment levels and depressed housing numbers remain a drag on the economy...

There still remains a large physical gold bullion presence from the Asian sector.

Silver also rallied strong settling at $33.12.1...$114.6 higher for the day.....

My swing numbers 1/26

February Gold RESISTANCE # 2.........$1738.00 RESISTANCE # 1.........$1719.00 PIVOT........................$1684.00 SUPPORT # 1..............$1665.00 SUPPORT # 2..............$1630.00 VOLUME.....................137,000

March Silver RESISTANCE # 2..........$34.45 RESISTANCE # 1..........$33.80 PIVOT........................$32.66 SUPPORT # 1...............$31.99 SUPPORT # 2...............$30.90 VOLUME.....................29,000

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