Gold Settles $3.10 Higher… ($1231.40)

Today's Gold session traded a very choppy $15.50 range as traders entered and exited gold in correlation with the huge market swings in the U.S Dollar…

Normally a weak U.S dollar is bullish for Gold and a stronger U.S Dollar is bearish Gold. The U.S Dollar fought of early weakness versus the Euro and the rally helped send the Gold market as low as $1218.90
before a steady stream of bargain hunting buyers turned the momentum back to the "Bulls"…


Investors have been using Gold as a "safe haven" investment especially with the recent economic climate both here in the United States as well as The European Union…. Savvier investors have learned that the precious metals tend to retain their value better than most commodities during times of crisis…

The Gold market covered a large $15.50 range today, however, it traded within the days technical range…

The Globex Gold traded well over 90,000 contracts today and despite a strong selling effort around the pivot point $1225.00 the market and the "bulls' seized the day…

HIGH…..$1234.40¬†LOW….$1218.90 …

REPORTS 8/19: EXPORT

SALES…………………7:30 AM (CST)

INITIAL JOBLESS CLAIMS…7:30 AM (CST)

MY SWING NUMBERS 8/19……DECEMBER

GOLD RESISTANCE # 2……………………..$1240.00

RESISTANCE # 1……………………..$1232.00

PIVOT…………………………………… $1225.00

SUPPORT # 1………………………….$1215.00

SUPPORT # 2………………………….$1210.00

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Mike Daly / Gold Specialist

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