April Gold futures continues to settle above the 1200 level by the barest of margins. The market has endured a $60.00 break from the February highs due to increased expectations of a interest rate hike of a quarter point that could be announced tomorrow afternoon at 1:15 CST. Long liquidation in both energies and metals has been the theme over the past week as asset managers unwind the reflation trade. The U.S. Dollar has gone bid along combined without a meaningful correction in equities that has resulted with longs bailing in both Gold and Silver. Basis April gold futures, the January 27th low of 1182.6 needs to hold, or the 2017 low of 1149.7 could be seen under further fund liquidation in my opinion. My swing numbers for the remainder of the week come in as follows.
R2-1254.9
R1-1229.7
Pivot-1212.1
S1-1186.9
S2-1169.3