June Gold settles 1298.3, down $5.20

Gold sold off to begin the week amid very light volume and an apparent lack of conviction or follow through to the upside following Friday’s close above 1300.0 an ounce. Investor profit taking from the late week rally last
Thursday and Friday was most likely the reason for the sell-off today. Certainly there was no safe haven buying today which was rare considering the stock indices incurred big losses along with the U.S. dollar. It seems to
me precious metal investors maybe waiting for new news or data and that might not come until Wednesday’s release of minutes from the Fed’s last FOMC meeting.

Let’s take a look at technicals for the remainder of the week for both June Gold and May Silver. For June Gold support sits first at 1284.7, and below there at 1266.0. Resistance sits up at 1314.8, and above there at 1326.2.
For Silver, support sits at 19.63, and below there at 19.33. Resistance is up at 20.23 and above there at 20.53.

Daily Swing #s GCM14 Tuesday April 8th

  • Resistance#2- 1308.6
  • Resistance#1- 1303.4
  • Pivot- 1299.6
  • Support#1- 1294.4
  • Support#2- 1290.6

 

Author: Sean Lusk, Walsh Trading

 

Receive these articles per e-mail

Subscribe for the free weekly newsletter and receive 3 papers about physical precious metals investing