Gold Support Level Holds $1278-

 has grinded higher into this morning after trading to a low of 1275.8 early in yesterday’s session. Major support continues to come in at the 1281.8-1284.4 level while the 100 day moving average comes in today at 1279.5. Gold reached a low of 1277.4 on April 1^st as this level continues to play a pivotal role; the metal rallied nearly $100 to begin the year reaching 1280.6 on January 27^th, ahead of February’s Nonfarm Payroll Report which ultimately drove Gold through this level. The 200 day moving average comes in at 1301.5 and only a close back above here will signal at least a short term bottom. The Dollar has weakened from the 80 level early this session providing support to Gold. Traders anticipate New Home Sales data this morning which will play a pivotal role in the currency. Look for a close below the 100 day moving average at 1279.5 to confirm a bear leg.

Resistance 1290.4-1293.5*, 1301.5***, 1304.8-1307.6*, 1312.3-1314**, 1320.3-1321.3**, 1324.9-1326.3*, 1334.7-1335.5***

Support- 1281.8-1284.4*, 1279.5**, 1275.8**, 1262.6***, 1237.5**