Gold Settles $25.80 Lower ($1383.20)

Big down day for the gold and silver markets as both markets experience key technical reversals. One day after Gold made another all-time high and Silver made a new 30 year high the precious markets lost momentum and triggered a two day mammoth sell-off. Rumors of the U.S tax extension package not having enough votes to pass helped to extend yesterday's negative settlement. Also the continued concern that The Peoples Bank of China will once again raise interest rates has traders on edge and eager to take profits when the opportunity presents itself…

It was reported that IMF boss Dominique Strauss-Kahn strongly criticized the Euro regions financial ministers for the way they're dealing with the Euro union's debt crisis and was quoted as saying "The Euro zone has to provide a comprehensive solution to this problem" and added "the piece mail approach, one country after another, is not a good one."

The continued weakness of the Euro is fueling the U.S Dollar's rally. In a normal setting Gold and the U.S Dollar trade inversely….

Thursday 12/09 Reports:

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

GOLD FEBRUARY
HIGH…..$1405.00 LOW….$1383.20 RANGE…$23.50

SILVER MARCH
HIGH….$$29.29 LOW….$28.01 RANGE…$1.28

MY SWING NUMBERS 12/09 GOLD / FEBRUARY
RESISTANCE # 2……..$1414.00
RESISTANCE # 1……..$1398.00
PIVOT …………………$1390.00
SUPPORT # 1………….$1375.00
SUPPORT # 2………….$1366.00

MY SWING NUMBERS 12/09 SILVER / MARCH

RESISTANCE # 2…….$29.79
RESISTANCE # 1…….$29.01
PIVOT ………………….$28.51
SUPPORT # 1…………$27.72
SUPPORT # 2…………$27.23

Mike Daly / Gold Specialist
PFG BEST
[email protected]
877-294-4669
312-563-8029

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