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DALY GOLD REPORT 8/31
Tuesday, August 31, 2010
by Mike Daly of PFGBest
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GOLD SETTLES $11.10 HIGHER … ($1250.30) The Gold market rally continues to be fueled by physical demand both from Asian sector purchasing bullion for their upcoming Wedding and Festival seasons as well as savvier global investors who seek safer haven investments. The Gold market traded a very hearty $18.30 range with Globex volume well over 90,000 today. Technically the Gold market continues to trade through key resistance levels and forcing the execution of “BUY STOP LOSS” orders. I believe the entire trading community is eyeing Friday’s UNEMPLOYMENT data which is due out at 7:30 am (CST) with true apprehension….. FOMC minutes from August meeting revealed more of the same……………………(see below) “The preconditions for a pickup in growth in 2011 appear to remain in place” “Should further action prove necessary ….policy options are available” “The FOMC will do all that it can to ensure continuation of the economic recovery” REPORTS: 9/1 CONSTRUCTION SPENDING………………..9:00 AM (cst) MANUFACTURING INDEX…………………..9:00 AM (cst) MY SWING NUMBERS 9/1 RESISTANCE # 2……………………$1263.00 RESISTANCE # 1……………………$1256.00 PIVOT …………………………………$1245.00 SUPPORT # 1……………………….$1238.00 SUPPORT # 2……………………….$1227.00 Mike Daly / Gold Specialist PFG BEST mdaly@pfgbest.com 877-563-8029 312-563-8029 There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. 
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About the author
Mike Daly joined PFGBEST Research in 2009 with more than 25 years of experience as a gold trader and market specialist. He was a floor trader at the Chicago Mercantile Exchange, Chicago Board of Trade and Chicago Board Options Exchange for the first two decades. He joined the renowned gold brokerage J. Aron in 1979 and served as a senior gold broker and market analyst for four years, and then continued another two years there after J. Aron was acquired by Goldman Sachs in 1982. He was charged with keeping vast spread markets in line and was a global gold market maker for the firm. From there he continued as a licensed independent broker on the CME floor in the S&P 500 stock index futures trading pit while also monitoring and trading gold markets. He joined Alaron Trading Corp. in 2007 as a senior broker then came on board PFGBEST through the acquisition of the customer assets of Alaron in spring of 2009. Mike is regularly quoted in broadcast and print media venues and is widely available to share his precious metals and trading background, knowledge and experience as an interview source, educator and spokesperson. Mike Daly
Sr. Precious Metals Analyst
PFGBEST Research Phone: 877.294.4669 or 312-563-8029
Email: mdaly@pfgbest.com PFGBEST is among the largest non-clearing U.S. Futures Commission Merchants, with customers, affiliates and brokerage offices in more than 80 countries. The company is a leader in sustainable investing through diversified products including managed funds, futures, forex, options, full-service and discount brokerage, trader education, market research, and direct online futures trading through its BESTDirect® platform, and numerous other platforms and applications.
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