Greetings!,

The U.S. jobless claims report released this morning  

showed that more Americans entered the unemployment lines than expected. Jobless claims fell by 2000 to 386,000 for the week ending April 14. The 47 economists who were surveyed by Bloomberg news had projected a drop to 370,000.

As much as this data could reignite the U.S. Federal Reserve's concerns about the speed at which the economy is growing, another report released today revealed that the index of leading indicators rose for the sixth straight month, illustrating, among other things, improvement in consumer confidence.

All in all the precious metals markets reacted in a tepid manner as we saw gold close nominally higher and silver up 1/2% on the day. 

As always, wishing you good trading,

       Today's video 

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Proper Action

 GOLD & SILVER :

 Gold: Maintain long in gold @ 1650 avg Stop below 1623 

Silver:  Maintain  Long @ 32.46 avg Stop below 30.52 

MARKET FORECAST

Gary S. Wagner

Gold & Silver:  On a technical basis it is my belief that we are quickly approaching the tail end of this corrective period, which has lasted seven weeks so far. As this correction approaches the apex of the consolidating pattern we have identified, we should see a series of lower highs and higher lows.  

Gold Chart

 Silver Chart:

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