Precious Metals Market Comments

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com
Wednesday, February 08, 2012 at 1:41 PM

 Gold Settles $17.10 Lower … ($1731.30)

Today’s April Gold Futures traded another very volatile and choppy $28.80 range.
The precious metals gave back much of their gains from yesterday as fragility and indecision from the European Central Bank in regards to their participation in the Greek debt reconstruction. Euro zone sources have said that the ECB has not made a decision on whether or not to contribute funds. Even though March Crude oil futures traded as high as $100.90 per barrel today the appeal to take profits in the precious metals due to Euro region concerns was the strategy of the day. San Francisco Fed Boss John Williams said there is a QE 3 plan on the table. He stated that the FOMC may need to purchase mortgage bonds and views that as the best stimulus choice…

2/9 Economic data:

EXPORT SALES………………7:30 AM. CST.
WHOLESALE TRADE………...7:30 AM. CST.
INITIAL JOBLESS CLAIMS…..7:30 AM. CST

MY SWING NUMBERS 2/9
APRIL GOLD
RESISTANCE # 2……………..$1766.00
RESISTANCE # 1……………..$1748.00
PIVOT…………………………..$1737.00
SUPPORT # 1…………………$1720.00
SUPPORT # 2…………………$1708.00
VOLUME………………………..162,000

MARCH SILVER
RESISTANCE # 2……………  $34.83
RESISTANCE # 1……………. $34.26
PIVOT…………………………. $33.96
SUPPORT # 1……………….. .$33.40
SUPPORT # 2……………….. .$33.09

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.