Precious Metals Market Comments

By Mike Daly | April 20, 2012 12:39 AM IST

Thursday, April 19, 2012 at 3:06 PM

Gold Settled $1.80 Higher ... ($1641.40)

Today's June Gold futures session traded a volatile and choppy $23.70 range.

The June contract traded as low as $1631.20 late in the overnight session (7:10 am CST)

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trading its lowest levels in 10 days. However, the market began to rally off a stronger Euro as well as very lackluster U.S economic data regarding Initial Jobless Claims, Existing Home Sales, and Export Sales therefore pressuring the U.S dollar and lending support to the precious metals markets. Once gold prices held the $1630.00 level it is my belief that traders and investors alike saw these lower prices as a "bargain buying" opportunity.

The U.S Department of Labor announced that the Weekly Jobless Claims totaled 386,000.

This was worse than the projected 370,000.

Physical buying remains sluggish from both China and India.

I expect that to change as the jewelers of India will need to stock their shelves in preparation for the Akshaya Tritiya festival which is scheduled to commence next Tuesday April 24th.

MY SWING NUMBERS 4/20

JUNE GOLD

RESISTANCE # 2...............$1667.00

RESISTANCE # 1...............$1655.00

PIVOT..............................$1643.00

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

SUPPORT # 2....................$1619.00

VOLUME ..........................107,000

MAY SILVER

RESISTANCE # 2...............$32.42

RESISTANCE # 1...............$32.09

PIVOT..............................$31.69

SUPPORT # 1................... $31.38

SUPPORT # 2....................$30.96

VOLUME........................ 35,000

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.

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