December Gold Settles $8.80 Higher …($1168.00)
Today’s Gold trade covered a sluggish $10.40 range.
It appeared that many traders were side-lined after the
Initial Jobless Claims (457,000 better than the 460,000
that was projected) as traders positioned themselves for
the upcoming GDP and Unemployment Cost Index data
that will be revealed Friday at 7:30 am (CST)….
There was strong buying from the Asian sector during
the overnight session especially from India.
The jewelers from India have been buying the price
dips as they begin to re-stock their shelves in order
to meet demand for the upcoming Wedding and festival
season (September-December)….
There was some very news worthy comments today
from members of the Federal Reserve.
*St. Louis Federal Reserve President James Bullard
suggested the federal reserve should buy more Treasury
Securities if inflation dips lower instead of continuing to
It’s pledge to keep interest rates low for an extended period.
Ballard added that the United States is closer than it has
ever been to JAPAN-LIKE DELATION…..
*Dallas federal Reserve Bank President Richard Fisher
delivered a speech in San Antonio and stated his concern
the economy “will be sailing forward at a suboptimal speed”.
FISHER LASHED OUT AT Washington’s Legislators for
drafting health –care and other laws which he thought
forced business to the side-lines…
According to (Market Watch & Realty Trac Inc). the trend for the
Nation’s foreclosure crisis is worsening as high unemployment,
slow job growth, and an uneven rebound in home prices continue
to fall behind on their mortgage payments….
Let’s Talk Gold !
MY SWING NUMBERS FOR 7/30 (DECEMBER GOLD)
RESISTANCE # 2……….$1178.00
RESISTANCE # 1……….$1174.00
PIVOT………………………$1168.00
SUPPORT # 1…………..$1164.00
SUPPORT # 2…………..$1158.00
Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-563-8029
*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, and FOREX*
