Apparently macroeconomic uncertainty was seen to be on the rise again on Thursday, in the wake of soft US
economic data and that gave some lift to gold prices. Others suggested that a lack of clarity from the second
round of US Fed Chairman Yellen's Congressional testimony added to the economic uncertainty. However, the
brunt of the gains in gold came right at the start of Fed testimony yesterday and continued until comments from
the Fed Chairman regarding low inflation pressures, resulted in a mid-morning top of sorts. While Gold spent a
large portion of Thursday's session in the lower portion of Wednesday's big range down move, it ultimately spent
a moderate amount of time Thursday in positive territory. However, gold did see a $7 an ounce rally off the soft
US economic data window early yesterday and that would seem to suggest that the bulls will be hoping for more
slack US data flows again this morning to inspire fresh buying. In another minimally supportive development,
news services are touting the prospect of a net monthly inflow into a key gold derivative instrument for the month
of February and that could begin to improve overall investment sentiment toward the yellow metal. The US
economic report slate today is active with a GDP revision, a regional Fed survey and Pending Home Sales due
for release. Other potential influences on gold prices today is the restart of South African platinum mine strike
talks. The AMCU might be ready to take a hard line stance in the talks today, as one mining concern has taken a
unique approach this week by communicating directly with striking workers via text messages. The AMCU might
see the direct communication with workers as an attempt to divide the union's influence. In another slight negative
for gold overnight, the Shanghai composite was up and action by the Chinese central bank overnight seems to
have soothed anxiety somewhat in the currency and credit markets. Comex Gold Stocks were 7.179 million
ounces up 22,227 ounces. One has to give the bull camp credit for standing up against periodic corrective action
recently. We do get the sense that this week's highs were indeed temporarily overbought and that it will now take
a very steady diet of soft US economic data and weakness in equities and the Dollar to leave the gold market in a
distinct upward track on the charts. We have to leave the bull camp with a slight edge early this morning because
of prospects for soft US scheduled data flows. Uptrend channel support and a key pivot point today in April Gold
is seen at $1,303.90, but a closer-in support point is also seen at $1,322.30. Pushed into the market, we would
buy early weakness, and look for support off of US economic data. However, traders should not tolerate any
failure to hold $1,322.20 this morning in the wake of the data as that would suggest a more moderate failure of
sorts might be set to unfold.

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