Gold Marketwatch

Gold ,Gold 2012,Gold new 2012

Gold opened slightly lower at 1653/1654 and made a quick dip to

. After quietly trading ahead of the P.M. fix, gold gained

in strength alongside rallying EUR’s and gains in equities. The metal

reached its intraday high of 1669.75/1670.75 mid session. Quiet trading

for the remainder of the day had gold close at 1667.25/1668..25.

Silver opened on its intraday low of 32.37/32.42. Tracking gains in base

metals and crude, silver reached an intraday high of 33.05/33.10 mid

session. Quiet trading for the remainder of the session saw silver close

at 32.91/32.96.

Technical Commentary

Gold closed higher today at 1667; consolidating the latest down-move

last Wednesday. Support is at 1625, the 61.8% Fibonacci retracement

of the December to February uptrend; and a breach of this level opens

up a full retracement to the 1522 December lows. Resistance is from

last Wednesday’s high at 1682.

Silver also closed higher today at 32.91, just below resistance at 33.15.

Support is at 31.82, the 50% Fibonacci retracement of the rally from

December through February. The Gold-Silver ratio is trading lower at

 Resistance remains at the February high around 51.9