Daily Gold and Silver Report


By Mike Daly | March 11, 2011 1:35 AM EST
Gold Closed $17.10 lower ... ($1412.10)

Today's Gold session traded a very choppy and volatile $28.80 range as Global data and Geo-political tensions caused trader and investor uncertainty and prompting profit taking in the precious metals. Reports that China had experienced its first monthly deficit in 11 months certainly caught investors off guard and possibably some overreaction in the markets sell-off.



Read more: http://www.ibtimes.com/articles/121530/20110311/daily-gold-and-silver-report.htm?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ibtimes%2Ftopnews+%28IBTimes.com+RSS+Feed%29#ixzz1GIMYbjZg 
There are reports that the fighting between Libyan loyalists and opposing rebel forces is escalating...reports suggest that loyalists have bombed an oil field..... Associated press has reported clashes between Saudi Arabian Police and demonstrators in Riyadh the Saudi capitol.... Demonstrations are scheduled tomorrow throughout Saudi Arabia.
South Korean central bank hiked their benchmark interest rates....
New Zealand's central bank lowered its benchmark interest rates...
Moody downgraded both Greece's and Spain's credit ratings...
The Labor Department reported that Initial Jobless Claims Is 379,000....This was worse than the projected 376,000....


Read more: http://www.ibtimes.com/articles/121530/20110311/daily-gold-and-silver-report.htm?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ibtimes%2Ftopnews+%28IBTimes.com+RSS+Feed%29#ixzz1GIMcpsUW 
All of the above news and data are very significant to the markets. The news of the day was certainly the announcement of China's trade deficit and the Saudi Arabian demonstrations will probably be the news of tomorrow....Obviously any disruption in the flow of Saudi oil will certainly move these markets...Keep an eye on this....
REPORTS : 3/11
BUSINESS INVENTORIES.............7:30 AM CST
RETAIL SALES.............................. 7:30 AM CST
MY SWING NUMBERS 3/11
APRIL GOLD
RESISTANCE # 2................................$1445.00
RESISTANCE # 1................................$1429.00
PIVOT................................................ $1416.00
SUPPORT # 1.....................................$1400.00
SUPPORT # 2.....................................$1385.00
VOLUME.............................................176,000
MAY SILVER
RESISTANCE # 2.................................$36.83
RESISTANCE # 1.................................$35.94
PIVOT.................................................$35.30
SUPPORT # 1.....................................$34.42
SUPPORT # 2.....................................$33.80
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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