Greetings!,

This is the third day in a row we have seen gold prices decline. Although it was a strong U.S. dollar that accounted for the vast majority of today's decline, once again speculation abounds as to whether the Fed will use stimulus measures to jump start the U.S. economy. Bloomberg reported today that three voting members of the Federal open market committee said they don't see a need for more economic stimulus. Friday's jobs report might shed more light on this.  

The debt crisis in the European Union continues to be a major factor influencing the precious metals markets. Greeks will be heading to the ballot box where it has been reported that many voters are backing small anti-bailout parties that have pledged to end austerity measures. This is the first time that the citizens of Greece will be able to  convey their feelings vis-à-vis the ballot. Traders also look at elections in France, polarized by opposing viewpoints towards current austerity measures. 

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:  Awaiting trigger ... no position

MARKET FORECAST

Gary S. Wagner

Gold & Silver:  Both gold and silver today remained under pressure. Both precious metals are currently trading just above the support, but remain precariously close to support levels. Today's video will look at major support levels from both monthly and weekly charts in gold. This in attempts to highlight exactly where gold prices stand in the big picture.  

Gold Chart

 Silver Chart:

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