Gold Closes.70 Cents Lower…( $1309.60)

Today's session was extremely choppy and volatile as traders tried to determine the proper strategies after deciphering the days economic data.


The U.S Department of Labor announced the Initial Jobless Claims for the week ending September 25th had dropped by 16,000 to 453,000 this was better than the 460,000 that was projected. The final revision for the GDP was 1.7% this was also better than the 1.6% that was predicted.

The session managed to notch another all-time high ($1317.50) before selling off mid session as i believe traders took profits asthese unchartered price levels have gold bugs uneasy.

Jean- Claude Trichet Chief of the European Central Bank in a statement released late yesterday basically said that the European Union’s economic environment "remains very demanding".

As long as the Global economy remains fragile the demand for gold and silver should continue as savvy investors are choosing tangible and alternative "safer havens"……

The demand is still very strong from the Asian sector as Jewelers are buying bullion to meet the insatiable demand as their Wedding and Festival seasons continue.

My Swing Numbers For 10/1 December Gold

RESISTANCE # 2………………..$1328.00
RESISTANCE # 1………………..$1319.00
PIVOT  …………………………….$1308.00
SUPPORT # 1……………………$1300.00
SUPPORT # 2……………………$1288.00

Mike Daly / Gold Specialist
PFG BEST
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