Gold Settles Today At $1299.0 After Choppy Session

Gold finished the session slightly lower Monday but well off its lowest levels of the session as a better than expected housing number initially pushed Gold to its low for the session at 1292.1 early this morning. President Barack Obama announced new sanctions against some Russians on Monday aimed at stopping Russian President Vladimir Putin from fomenting rebellion in eastern Ukraine but said he was holding broader measures against Russia’s economy “in reserve”. Tensions over Ukraine weighed on world stocks on Monday, keeping them near 10-day lows, though European indexes benefited from well received corporate results and merger speculation and U.S. stocks opened higher.

In the physical metals market, premiums in top buyer China were at about $2 an ounce. Hong Kong customs office data showed China bought less gold in March from Hong Kong than in the previous month, although the drop was smaller than expected, analysts said.

Given the geo-political situation in Eastern Europe, I look for a two sided choppy trading session tomorrow ahead of Wednesday afternoon’s Fed announcement. Having said that it is May options expiration for both Silver and Gold tomorrow, so if we were to see some wild price action it most likely would be in the morning. U.S. economic releases are highlighted by Consumer Confidence at 9am central.

Spot gold today

spot_gold_28_april_2014

Daily Swing #s GCM14 April 29th
Resistance#2- 1313.7
Resistance#1- 1306.3
Pivot- 1299.2
Support#1- 1291.8
Support#2- 1284.7

 

Source: Walsh Trading Inc, www.walshtrading.com

 

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