Gold Settles $7.00 Lower… ($1350.60)

Today's session traded a choppy $15.30 range as traders appeared to apprehensive in advance of tomorrows nationwide elections as well as the Tuesday & Wednesday FOMC meeting. Most investors expect the FOMC will announce more quantitative easing however, the amount they will allocate will be the issue.


Since the market closed $7.00 lower it is my opinion that many traders took profits and sat the side-lines as a precaution to tomorrows Election Day surprises. it will also be interesting to see if there is buying interest from the Asian sector as they have been aggressive buyers during the previous market price dips.

With the "DIWALI festival only 4 days away I would imagine the jewelers of  India will need to stock and re-stock their shelves as the Hindu Holiday is auspicious for an insatiable demand for both Gold and Silver….

Today's trading session was very technical as it traded between RESISTANCE and SUPPORT levels….

REPORTS: 1/2 ELECTION DAY……………………….. FOMC MEETING (day 1)…………….

MY SWING NUMBERS 1/2…….December Gold

RESISTANCE # 2………………..$1370.00

RESISTANCE # 1………………..$1361.00

PIVOT………………………………$1355.00

SUPPORT # 1…………………….$1345.00

SUPPORT # 2…………………….$1340.00

Mike Daly / Gold Specialist

PFG BEST

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312-563-8029

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