Friday, April 11, 2014

GCM4- FED "We Are Worried About The Lack Of Inflation" Dollar Drops And Gold Finds Support; Updside Target $1335

After holding the 200-day moving average through much of the week and all of yesterday, Gold has moved higher trading to 1324.3 early in today’s session. The metal was marked at a floor close of 1305.9 ahead of the release of the FOMC Meeting Minutes from March. With minutes that took more of a dovish turn than what had been assumed from Yellen’s press conference following the meeting, Gold reached a high of 1315.5 as the Dollar reached new swing lows. Gold finished the electronic session at 1312.3, right at our major resistance and the 50 day moving average. The market is hitting the bottom side of a trend line created from the lows December 31st, discounting the tail; this level will keep the market in check early but if we see a miss with Initial Jobless Claims look for Gold to make a run at 1335.5 our major three star resistance. Support will come in at the 50-dma which comes in at 1313.4 and only a close below here will signal a consolidation back towards the 200-dma at 1299.1, which is ticking up.
Resistance–1326.5-27.3*, 1334.7-1335.5***, 1343.2*, 1348.3**, 1365**
Pivot - 1321.3-1322.5
Support- 1318*, 1313.4***, 1300-1299.1***, 1295.8*, 1286.1-89.5*, 1280.1*, 1276.3***, 1262.6***, 1237.5**
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