Gold Settles $7.40 Higher … ($1351.00)

Today's Gold session rallied to another all-time high as Globex (December contract) traded $1351.00. Once again investors and traders used the Global economic news to buy Gold as their 'safe haven" investment as well as their currency of choice.


Yesterday's announcement from the Bank of Japan to cut their Interest Rates to near zero has investors flocking to gold as Japan's ruling party is working on an extra fiscal stimulus budget. In other words they will be printing more Yen to help spend their way out of their recession.

We also learned that FITCH Ratings has downgraded the Republic of Ireland's IDRS (ISSUER DEFAULT RATINGS) to A+ from AA -. This is a valid indication that the fragility in the EURO region continues to be very prevalent. The world-wide weakness of the fiat currencies has created global uncertainty with financial regulators and forcing savvier investors to choose commodities that have a history of retaining value in times of crisis primarily Gold and Silver.

Gold traders will continue to monitor the news wires for "Bullish" Gold data. Since we continue to trade in unchartered territory it is my belief that there remains a feeling of 'apprehension" as most traders are expecting a price "pull back" sooner or later.

REPORTS: THURSDAY 10/7

EXPORT SALES……………………7:30 AM (CST)

INITIAL JOBLESS CLAIMS………7:30 AM (CST)

MY SWING NUMBERS 10/7…DECEMBER GOLD

RESISTANCE # 2……………..$1354.00

RESISTANCE # 1……………..$1352.00

PIVOT¬†¬† …………………………$1346.00

SUPPORT # 1………………… $1341.00

SUPPORT # 2………………….$1338.00

Mike Daly / Gold Specialist

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