Tuesday, April 17, 2012 at 4:56 PM

Gold Settled $1.40 Higher ... ($1651.10)

Today's June Gold futures traded a choppy and volatile $23.40 range.

Tuesday's trading session traded technically between my second support and first resistance levels as the sessions economic data had traders scrambling to get on the right side of the market. Early in the session it appeared that traders and investors alike speculated that the risk appetite in the gold market had improved since there was a successful Spanish bond auction overnight. Spain was able to sell more 12 and 18 month debt than previously planned.

Fitch affirmed that Austria's AAA rating and kept the outlook as stable. The April reading of Germany's ZEW Survey of Economic Sentiment was up 1 point from the previous month and much better than the projected fall of 3 points. These factors helped to eases investor concern regarding the European Union and the Euro.

RATINGS AGENCY Egan-Jones cut Spain's debt rating to BBB- from BBB. (Bearish Euro)...

India has reported that its demand for physical gold is down 50 % from a year ago.

The Jewelers of India ended a 21 day strike after the government assured them it would consider their concern over the tax increase on imported gold. The 21 day strike cost the industry about 200 billion rupees or 4 billion in lost revenue. However, Tuesday April 24th is Akshaya Tritiya is one of te most auspicious days of the Hindu Calendar. Gold and gold jewelry bought and worn on this day signify never diminishing good fortune.

Higher Crude oil prices also helped to support today's higher close... May Crude oil futures traded as high as $105.07 per barrel today..

May Silver futures closed .30.1 Higher and settled at $31.67.4 per ounce.....

MY SWING NUMBERS 4/18

June Gold

RESISTANCE # 2..............$1671.00

RESISTANCE # 1..............$1661.00

PIVOT............................ $1648.00

SUPPORT # 1..................$1638.00

SUPPORT # 2..................$1624.00

VOLUME.........................114, 000

MAY SILVER

RESISTANCE # 2...............$32.23

RESISTANCE # 1...............$31.94

PIVOT..............................$31.63

SUPPORT #1....................$31.35

SUPPORT # 2...................$31.02

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