For those playing at home, April Gold futures rallied to a yearly high at 1332.4 on the Sunday
night/Monday morning abbreviated holiday trading session. When the market reopened
Monday night to begin the Tuesday’s electronic session, longs in the market booked profits,
that sank the price $20.00 before prices recovered during Tuesday’s session. April gold futures
ended the session with modest gains but gains nonetheless. It was the usual amount of
suspects that drove Gold higher as weak economic data coupled with a weak U. S. Dollar and
surging energy prices aided precious metals prices across the board.
In economic news, confidence in the home building sector in the U.S. deteriorated lately, an
industry survey showed Tuesday. The National Association of Home Builders said its housing
market index slipped to 46 in February compared to a reading of 56 last month. Economists
expected the measure to remain steady. Also The Federal Reserve Bank of New York said its
Empire State Index, a measure of manufacturing and business activity in New York State,
slipped to 4.48 for February, down from a reading of 12.51 for January. Economists expected
the Empire State index at about 8.5. Meanwhile, the World Gold Council on Tuesday said global
demand for the precious metal in 2013 dropped 15 percent, in part due to the outflows from
the physically backed exchange traded funds being greater than consumer demand. The Council
also indicated China as the largest consumer of gold, with demand up 4 percent while demand
from India dropped 16 percent.
Gold has achieved a ten percent gain for the year hitting 1326.3 in overnight trading and
appears for a challenge up to 1351.4, which would be a 38 percent retracement from the
December low down at 1182. However it’s important to note that Gold has finished higher for
nine straight sessions. With some important economic data being released the remainder of
the week, I wouldn’t be surprised to see a some profit taking.
Daily Swing #s GCJ14 February 19th, 2014
Resistance#2- 1343.0
Resistance#1- 1333.6
Pivot# - 1322.9
Support#1- 1313.4 Support#2- 1302.8

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