December Gold Settles $8.80 Higher …($1168.00)
Today's Gold trade covered a sluggish $10.40 range. It appeared that many traders were side-lined after the Initial Jobless Claims (457,000 better than the 460,000 that was projected) as traders positioned themselves for the upcoming GDP and Unemployment Cost Index data that will be revealed Friday at 7:30 am (CST)….
There was strong buying from the Asian sector during the overnight session especially from India. The jewelers from India have been buying the price dips as they begin to re-stock their shelves in order to meet demand for the upcoming Wedding and festival season (September-December)….
There was some very news worthy comments today from members of the Federal Reserve. *St. Louis Federal Reserve President James Bullard suggested the federal reserve should buy more Treasury Securities if inflation dips lower instead of continuing to It's pledge to keep interest rates low for an extended period. Ballard added that the United States is closer than it has ever been to JAPAN-LIKE DELATION…..
*Dallas federal Reserve Bank President Richard Fisher delivered a speech in San Antonio and stated his concern the economy "will be sailing forward at a suboptimal speed". FISHER LASHED OUT AT Washington's Legislators for drafting health -care and other laws which he thought forced business to the side-lines…
According to (Market Watch & Realty Trac Inc). the trend for the Nation's foreclosure crisis is worsening as high unemployment, slow job growth, and an uneven rebound in home prices continue to fall behind on their mortgage payments….
Let's Talk Gold !
MY SWING NUMBERS FOR 7/30 (DECEMBER GOLD)
RESISTANCE # 2……….$1178.00
RESISTANCE # 1……….$1174.00
SUPPORT # 1…………..$1164.00
SUPPORT # 2…………..$1158.00
Mike Daly / Gold Specialist
*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, and FOREX*