GOLD LOOKS FOR BREACH OF $1,150

Gold pulled back this morning falling $8, but holding above a key support level at $1,131.50. Silver also pulled back but not nearly as much, only down $.07 at $17.26 on the nearby contract and looking quite good. Gold reacting to a stronger dollar, which is up 22 basis points at 80.20 and oil is also giving back some early profits down $.42 but still holding at $80.44 a barrel. A lower euro is the key factor as there is still a good deal of uncertainty concerning the Greek debt situation.

Tom Pawlicki, a precious metal analyst with MF Global told the Dow Jones Wire Service that there appears to be some selling to book profits as a result of the very significant uptrend over the last several days. It is fairly natural for a market to go back and test its breakout level to determine whether that indeed provides good support. And that is what's happening on a technical basis. Pawlicki put nearby chart support for gold at $1,131.50 and resistance at $1,155.40.

The jobs report tomorrow may provide some impetus to initiate momentum in one direction or the other. First time jobless claims fell 29,000 to 469,000 for last week, which was more than expected.

On balance the metals continue to perform well and are building a new base above this recent support level. Many analysts believe that gold prices will continue higher, these include Jim Sinclair, Goldman Sachs, BofA, Standard Bank and many others. Some have commented that gold is doing excellent work in building this base and shaking out the weaker holders that came in late in the bull market rally up to the above $1,200 an ounce. All of this analysis is constructive for the metals complex in general.

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