A-Mark Bullion Update
With the long holiday weekend coming up for Good Friday and Easter, market participants are already checked out and the precious metals are trading sluggishly. Volume on the electronic exchange for the June gold contract is muted and will likely finish out the day with the least volume traded since becoming the active contract a week ago. Traders also may be on the sidelines and trimming positions ahead of tomorrow’s US Non-Farm Payrolls. The electronic exchange is closed tomorrow which means that any large deviation in Non-Farm Payrolls figures could lead to a volatile Asia market open on Sunday evening. Weak US ADP employment and ISM data yesterday gave gold and silver a much needed boost. Shorts covered positions as the USD sold off. Besides gaining ground against the USD from the worse-than-expected data, the euro also moved higher based on renewed confidence that Greece will find funding. Gold remains range bound with some significant resistance levels immediately overhead. The 50 and 100 day moving averages are converging around $1,211 and above there at $1,220 is a 50% Fibonacci retracement level. To the downside, bids should materialize ahead of the recent low of $1,178.50.