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The Daly Gold Report(2)
Monday, February 06, 2012

by Mike Daly of PFGBest

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Precious Metals Market Comments

 by Mike Daly, PFGBEST

 1-877-294-4669

mdaly@PFGBEST.com

Monday, February 06, 2012 at 1:51 PM

Gold Closes $15.40 Lower … ($1724.90)

Today’s April Gold Futures session traded a choppy $26.90 range.

The gold market continued to decline today as the stronger U.S Dollar and lower crude oil prices help to lessen the demand for precious metals. The market had traded as low as low as $1714.00 early in the session before railing off news that President Obama ordered new sanctions against the government of Iran including its Central Bank. President Obama stated

“the sanctions are warranted because of the deceptive practices of the Iranian Central Bank and the unacceptable risk posed on the international financial system by Iran’s activities”.

The world is certainly watching as Iran continues to enrich uranium in order to achieve nuclear capability. It is widely believed that if Iran continues to enrich uranium it will bring a unilateral strike on Iran’s nuclear program. A warring environment especially in the middle-east (oil supply) would be considered “bullish” for precious metals. St. Louis Fed Boss James Bullard is opposed to the FOMC retaining these low interest rates and stated that the zero interest rate policy punishes savers….

ECONOMIC DATA: 2/7

CONSUMER CREDIT…………….2:00 PM CST.

MY SWING NUMBERS 2/7

APRIL GOLD

RESISTANCE # 2…………..$1754.00

RESISTANCE # 1…………..$1740.00

PIVOT………………………. $1727.00

SUPPORT # 1………………$1712.00

SUPPORT # 2………………$1700.00

VOLUME……………………..129,000

MARCH SILVER

RESISTANCE # 2…………...$34.44

RESISTANCE # 1…………...$34.09

PIVOT………………………..$33.54

SUPPORT # 1………………. $33.20

SUPPORT # 2………………. $32.65

VOLUME……………………..45,000

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 persauthorizing 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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