Gold Settles $5.50 Higher Today… ($1357.80)

Today's Gold session covered a choppy $16.90 range as traders wait tomorrows FOMC minutes. I believe traders and investors alike are looking at Gold as a safer haven investment as the European Union's debt crisis continues to be a drag on the Euro.


The 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 to buy gold and silver to protect their wealth… Also I believe many investors and traders anticipated news of another interest rate hike from the Peoples Bank of China and when this did not happen I feel investors would rather be LONG than SHORT the gold considering the global economic state…..

The Wedding season buying from India has remained steady and this trend should continue through December….. ¬†Silver certainly benefited from the Gold rally as the December Globex contract closed up $28.20…….

Remember this is a short week…

THANKSGIVING Thursday 11/25

REPORTS 11/23…..

GDP………………………………7:30 am (CST)

EXISTING HOME SALES……9:00 am (CST)

MY SWING NUMBERS FOR 11/23 December Gold

RESISTANCE # 2…………..$1374.00

RESISTANCE # 1…………..$1366.00

PIVOT ………………………..$1357.00

SUPPORT # 1……………….$1349.00

SUPPORT # 2……………….$1340.00

MY SWING NUMBERS FOR 11/23 December Silver

RESISTANCE # 2…………..$28.29

RESISTANCE # 1…………..$27.87

PIVOT…………………………$27.47

SUPPORT # 1……………….$27.04

SUPPORT # 2……………….$26.65

MIKE DALY / GOLD Specialist

PFG BEST

[email protected]

877-294-4669

312-563-8029

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