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DALY GOLD BLOG...9/1
Wednesday, September 01, 2010

by Mike Daly of PFGBest

Gold Closes $2.20 Lower … ($1248.10)

Today’s Gold session traded a technical $12.50 range. It appeared that traders were a tentative around the $1255.00 plus levels and took some profits prior to the economic data due out tomorrow morning.

Gold traders are also concerned about the possibility of a strike by the National Union of Mineworkers in South Africa. South Africa is the number two Gold producer second only to China….

Traders are looking at a possible supply and demand issue….

Once again the Gold and U.S Dollar are coupled as the inconsistency of the Euro is fueling Gold / U.S Dollar strength. Gold ended the month of August higher by 5.6%....

During a Television interview Philadelphia Central Bank boss Charles Plosser stated the Fed can do more to affect the

jobless rate this year….

PREVIOUSLY….every price dip was met with a surge of Asian buying……..

*please feel free to contact me with your questions and comments……..

REPORTS: 9/2

EXPORT SALES……………..........7:30 AM (CST)

INITIAL JOBLESS CLAIMS…. ….7:30 AM (CST)

PRODUCTIVITY ……………………7:30 AM (CST)

FACTORY ORDERS ……………….9:00 AM (CST)

MY SWING NUMBERS 9/2

RESISTANCE # 2……………………$1262.00

RESISTANCE # 1……………………$1256.00

PIVOT ………………………………..$1250.00

SUPPORT # 1……………………….$1242.00

SUPPORT # 2……………………….$1238.00

Mike Daly / Gold Specialist

PFG BEST

mdaly@pfgbest.com

877-294-4669

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.

Recent articles from this author

The Daly Gold Report(3) - Tuesday, February 07, 2012
The Daly Gold Report(2) - Monday, February 06, 2012
Weekly Gold Report(7) - Friday, February 03, 2012
Daly Gold Report(30) - Thursday, February 02, 2012
DALY GOLD REPORT 2/2 - Thursday, February 02, 2012

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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