Gold Settled $1.50 Lower ... ($1642.30)

Today's June Gold futures traded a choppy and volatile $20.70 as FOMC comments once again are not what the bulls were looking for. The FOMC released a statement at 11; 30 am cst...

The statement was almost exactly the same as they issued in March. (See highlights below)

  •  Fed says U.S Economy is expanding moderately...
  •  Housing sector remains depressed...
  •  Low interest rates through 2014...
  •  Inflation has risen slightly due to higher energy prices...
  •  Labor market has show improvement in recent months...

The June gold futures was trading around the $1640 level at the time of the FOMC's statement release. And with no mention once again about a QE 3 or the possibility of more stimulus the Gold market tanked and traded as low as $1625.00 5 minutes after the Fed's statement.

Evidently traders and investors saw last month's Jobs data as a sign of a slowing economy.

The Gold market did however make a miraculous comeback the last hour of the day session to close $1.50 lower for the day...

The demand for physical has been sluggish and has not been an underlying support recently.

The market has been trading above and below the $1640.00 level seemingly forever...

Traders have been using the $1640 level as a psychological pivot level....

May Silver settled .39 cents lower... ($30.35.6 per ounce)...

ECONOMIC DATA 4/26

Export Sales..................7:30 am cst.

Initial Jobless Claims.......7:30 am.cst.

MY SWING NUMBERS 4/26

JUNE GOLD

RESISTANCE # 2...............$1659.00

RESISTANCE # 1...............$1651.00

PIVOT..............................$1638.00

SUPPORT # 1....................$1630.00

SUPPORT # 2....................$1617.00

VOLUME...........................108,000

MAY SILVER

RESISTANCE # 2................$31.46

RESISTANCE # 1................$30.91

PIVOT..............................$30.42

SUPPORT # 1....................$29.86

SUPPORT # 2....................$39.46

VOLUME........................ 47,000

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.