Gold Closes Up $1.10 On The Day.............

Due to the FOMC meeting today the Gold community chose to stay on the sidelines pending the results. The Fomc will also be meeting tomorrow and the majority of traders believe interest rates will remain the same. However traders are concerned about the slumping housing market and future plans by the FOMC. Only a $3.30 range in the Gold while watching a HUGE rally in the Crude oil market today. The Crude was 250 pts. HIGHER at the Gold close (12:30pm cst. )
Saudi Arabia is cutting Oil production !!!!!!!!!!!

This was a true indication that gold traders were sitting back and not interested in taking positions.
Take a look at the CALL / and BULL call interest in the Gold !!!!
HIGH....652.00 LOW....649.20 CLOSE....650.20......................................
THE GOLD TRADED AROUND AND ABOVE MY PIVOT ALL DAY...................
The following are my guideline numbers for Wednesday 1/31 for April Gold...

resistance # 2......................654.00
resistance # 1......................652.00
pivot..................650.50
support # 1.........................648.50
support # 2.........................645.00

resistance = possible point to sell
support = possible point to buy
pivot = possible point to determine direction......

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