Daily Gold and Silver Report

Gold Settles $6.90 Higher... ($1492.90)

Today's Gold session covered a huge $20.80 range and notched another all-time record high as the June Globex market traded $1498.60. The May Silver Globex Market reached new 31 year highs as it traded $43.56...

Despite lower Crude Oil prices today and yet another rate hike from China it appeared that global investors were more concerned with the ongoing debt crisis in the European Union as well as the ever rising global inflation.

The inflation rate in China is at historical highs and ever rising. The Libyan and middle-east chaos has caused supply issues which are hitting the European region hard at the gas pump..... During periods of inflation investors realize that historically Gold and Silver retain their value better than most commodities. I also believe that many investors are buying physical precious metals as a tangible 'safe haven' alternative investment..... technically the precious metals are very top heavy and at overbought levels however, the economy of the globe is dictating the trend... The volume in the precious metals has indicated the demand for precious metals....truly amazing!!!!

Economic data.4/19................
HOUSING STARTS AND PERMITS.........7:30 AM CST.
MY SWING NUMBERS FOR 4/19

JUNE GOLD
RESISTANCE # 2................$1507.00
RESISTANCE 3 1................$1494.00
PIVOT................................$1486.00
SUPPORT #.1................ .$1473.00
SUPPORT # 2............... ....$1465.00
VOLUME............................173,000

MAY SILVER
RESISTANCE # 2.................$44.26
RESISTANCE # 1.................$43.60
PIVOT..................................$42.90
SUPPORT # 1.....................$42.25
SUPPORT # 2.................... $41.54
VOLUME...........................125,000 **

(Source: http://www.ibtimes.com/articles/135613/20110418/daily-gold-and-silver-report.htm)