Precious Metals Market Comments

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com
Tuesday, February 07, 2012 at 1:51 PM

 Gold Settles $23.50 Higher … ($1748.40)

Today’s April Gold Futures session traded a very choppy and volatile $37.70 range.
Today’s substantial rally was a direct result of a weaker U.S Dollar and a stronger Euro.
The news out of the European Union appeared to be a bit brighter in regards to Greece.
The Greek government was said to be drafting an agreement on their latest bailout deal
subject for approval later this week. Iran continues to be defiant in regards to its enrichment of uranium in its attempt to acquire nuclear capability and has warned retaliation to any nation that attacks its nuclear facilities program. This has heightened the sabre rattling in the region and has speculators nervous and buying Crude oil futures. March Crude Oil futures traded as high as $99.13 per barrel. Higher Crude oil is normally “bullish” precious metals…
FOMC chairman Ben Bernanke spoke to the Senate Budget Committee and stated ‘the labor market has improved modestly from last year however; there is still a long way to go before the job market is running normally”. He also said “that interest rates will remain low through late 2014… The Friday and Monday price dip may have been a bargain buying opportunity for the jewelers of India. The Indian wedding season will continue through March…

MY SWING NUMBERS 2/8
APRIL GOLD
RESISTANCE # 2…………..$1775.00
RESISTANCE # 1…………..$1761.00
PIVOT………………………. $1737.00
SUPPORT # 1………………$1724.00
SUPPORT # 2………………$1699.00
VOLUME……………………..137,000

MARCH SILVER
RESISTANCE # 2…………$35.05
RESISTANCE # 1…………$34.62
PIVOT………………………$33.89
SUPPORT # 1……………..$33.45
SUPPORT # 2……………..$32.12
VOLUME ………………….38,000

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.
Precious Metals Market Comments