Gold Settled $51.30 Lower ... ($1642.90)

Today's April Gold Futures traded a mammoth, choppy, and volatile $43.60 range.

Today's avalanche-like sell-off was a continuation from yesterday's FOMC meeting...

It is certainly apparent that precious metals traders continued to react to Tuesday's Federal Reserve policy statement. The FOMC expressed a moderately positive outlook for the U.S Economy and therefore removing any short term hopes of more monetary easing.

Gold has been supported by (1) Physical buying from the Asian sector. (2) The geo-political tension between Iran and the West. (Causing higher Crude Oil prices)... (3) The hints from the FOMC (the first 6 weeks of the year) that a majority of the voting members were in favor of more easing. At least short term that has caused the precious metals to lose its glitter.

However, keeping Interest Rates at benchmark lows through 2014 is bullish Gold.

We will see if this recent 3 trading session price break will bring 'bargain buying opportunities.

May Silver closed $1.42 lower and settled at $32.18.1 per ounce.

April gold was trading over $1790.00 per ounce before FOMC Chairman Ben Bernanke single handedly started the avalanche sell-off February 29th by stating there would be no near term easing ...

ECONOMIC DATA 3/15

EXPORT SALES.....................7:30 AM. CST.

INITIAL JOBLESS CLAIMS........7:30 AM. CST.

MY SWING NUMBERS 3/15

APRIL GOLD

RESISTANCE # 2..............$1699.00

RESISTANCE # 1..............$1670.00

PIVOT............................ $1655.00

SUPPORT # 1..................$1627.00

SUPPORT # 2..................$1610.00

VOLUME.........................210, 000

MAY SILVER

RESISTANCE # 2..............$33.99

RESISTANCE 3 1..............$33.09

PIVOT............................ $32.57

SUPPORT # 1..................$31.66

SUPPORT # 2..................$31.15

VOLUME.........................50,000

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