Weekly Gold Report

25 Mar

Gold Covers A $29.10.10 Range This Week

gold-ingots.jpgThis week Gold traded another new all-time high ($1448.60) as once again high Crude Oil prices helped to fuel this week’s rally. As the north African and middle-east geo-political chaos continue to offer global uncertainty it has become apparent that investors are still choosing the precious metals as their “safe haven’ investment choice.

The tension in the Middle-eastern region appears to be spreading as news reports indicate that Syrian Security Forces have opened fire on anti-government protestors near the city of Daraa killing at least 20 people according to AL Jazeera. There are also reports that thousands of protesters in Yemen as well as Bahrain. The United Nations continue to enforce the no-fly zone and have inflicted heavy damage to Ghadaffi supported troops and weaponry, all of this geo-political tension has lent support to the precious metals…..

Thursday the April Globex contract notched another all-time high however, since that trade the April contract has nose dived $22.40 as investors and traders alike have taken profits prior to the weekend. This has been the norm as traders are cautious trading these levels as many long time Gold bugs are anticipating a rate hike from the European Central Bank sooner than later according to the experts despite continued credit issues from Portugal, Ireland and Greece. Normally when Central banks raise rates it causes the precious metals to retreat, at least initially….

Weekly News

Thursday: The U.S. department of Labor stated that first-time claims for unemployment dropped 5,000 to 382,000

Tuesday: The European Central Bank stated “strong vigilance” is necessary to keep a lid on inflation, this is a signal that maybe rate hikes are on the way, maybe next month.

The North African and Middle-east tensions are bullish for Gold and Silver since Higher Crude Oil prices are considered inflationary and during times of inflation the precious metals historically retain their value better than most commodities, it is considered a “safe haven” investment.

MY SWING NUMBERS FOR 3/28

APRIL GOLD

RESISTANCE # 2…………………$1445.00

RESISTANCE # 1…………………$1436.00

PIVOT……………………………….$1429.00

SUPPORT # 1…………………….$1420.00

SUPPORT # 2…………………….$1410.00

MAY SILVER

RESISTANCE # 2…………………$38.14

RESISTANCE # 1…………………$37.60

PIVOT……………………………….$37.24

SUPPORT # 1…………………… $36.69

SUPPORT # 2…………………….$36.34

Mike Daly / Gold Specialist

PFG BEST

mdaly@pfgbest.com

312-563-8029

877-294-4669

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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