Another Volatile Week

December Gold finished the week trading a $35.00 range and settling at $1364.30….

The European Union's fragility coupled with the tension between North and South Korea have kept traders and investors alike scrambling to get on the right side of the market….


Many traders are eyeing his weekends United States and South Korean joint military exercises… North Korea apparently is threatened by this joint military training and has called it act of war……..

Noteworthy Weekly Events:

Monday: Euro remained under siege as Ireland would be rescued by European Union as well as the IMF (International Monetary Fund)…. The Fragility and the uncertainty of the Euro region remain prevalent… This fragility has caused savvier investments to use their Euro's

Tuesday: North Korea launched artillery shells on a South Korean island of Yeonpyeong causing several casualties and escalating the tensions of the region… Earlier in the week North Korea revealed their hidden uranium enrichment program which indicates that their nuclear capabilities are much further along than previous estimates….. Gold is often a refuge for investors during warring environments…

Wednesday: Jobless Claims data as the Department of Labor revealed that initial weekly claims were 407.000 far  far better than the 435,000 analysts projected….I believe many traders still believe the Peoples Bank of China intend to hike interest rates and liquidated their LONG positions in favor of banking profits…

It has been reported that the Irish government has revealed an array of strong austerity measures to alleviate Ireland's debt crisis. These include:

* A reduction of 1 Euro for minimum wage… (7.65 Euro's per hour)

* A reduction of 24,750 public sector jobs…

* A new property tax…

Friday: The tension between North and South Korea appears to be escalating as North Korea launched more missiles in the direction of Yeonpyeong however, falling short …this was probably a sign of protest toward this weekends South Korean and United States joint military exercise in the region……………

MY SWING NUMBERS FEBRUARY GOLD 11/29

RESISTANCE # 2……………………$1389.00

RESISTANCE # 1……………………$1376.00

PIVOT………………………………….$1364.00

SUPPORT# 1……………………….. $1352.00

SUPPORT # 2………………………. $1339.00

MY SWING NUMBERS MARCH SILVER 11/29

RESISTANCE # 2…………………….$28.14

RESISTANCE # 1…………………….$27.45

PIVOT…………………………………..$26.96

SUPPORT # 1…………………………$26.47

SUPPORT #……………………………$25.78

Mike Daly / Gold Specialist

PFG BEST

[email protected]

877-294-4669

312-563-8029

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