Precious Metals Market Comments

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com

Thursday, February 02, 2012 at 2:57 PM

Gold Settles $9.80 Higher … ($1759.30)

Today’s April Gold Futures covered a very uneventful $20.50) as traders may be waiting on Friday’s Unemployment data before planning their trading strategies. Today the Department of Labor released the Initial Jobless Claims data and it was a better number than expected. It was 367,000 and better than the projected 371,000. Also Ben Bernanke testified in front of House Budget Committee and stated that he sees the U.S economy showing moderate improvement and that the recovery has been frustratingly slow and is concerned that the fragility in the European Union may harm the U.S economy. Germany’s Finance Minister Wolfgang Schaeuble had harsh comments for Greece regarding their debt commitments. Schaeuble stated that “Greece has not done enough to boost their competitiveness” and that “Greece must fulfill its commitments” and added “We can’t throw money into a bottomless pit”….There are still global concerns regarding the enrichment of uranium by Iran. Israel estimated that Iran has the capability to make 4 atomic bombs presently and will have the capability for a nuclear bomb within a year. Traders must continue to eye this region.

ECONOMIC DATA 2/3

Unemployment …………….7:30 AM.CST.

MY SWING NUMBERS 2/3

APRIL GOLD

RESISTANCE # 2…………..$1775.00

RESISTANCE # 1…………..$1767.00

PIVOT……………………… .$1755.00

SUPPORT # 1………………$1747.00

SUPPORT # 2………………$1735.00

VOLUME…………………….125,000

MARCH SILVER

RESISTANCE # 2…………..$34.89

RESISTANCE # 1…………..$34.53

PIVOT………………………..$33.99

SUPPORT #1……………….$33.64

SUPPORT #2……………….$33.10

VOLUME…………………….40,000

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.