Gold Settles $9.80 Higher… ($1308.30)
Another huge trading range yields yet another all-time High in both the Gold and Silver markets. Today's Gold market traded a $35.60 range (Globex) and notched a new all-time high of $1311.80 per ounce.
Silver managed a 71.5 cent range while trading up to the $21.77.5 level and all-time highs. The overnight Gold market traded as low as $1276.20 giving the Asian sector the opportunity to buy at "bargain hunting prices".
The price dip certainly didn't last as news from the European Union and the U.S Consumer Confidence data helped to fuel a very strong rally in the precious metals. News surfaced that a credit ratings agency warned the Irish banking sector of a possible cut to their sovereign debt rating. This is an indication that the Euro region remains very fragile and investors are choosing "safer haven' tangible asset investments….
The Bank of England's policy maker Andrew Sentance was quoted in a London Times article saying "inflation is becoming a worry"…
Anytime you mention inflation…..savvier investors flock to the precious metals as a flight to safety……….
The U.S Consumer Confidence data dropped to its lowest level since February (48.5) this was expected to be 52.1…..(consumers losing confidence)…..
MY SWING NUMBERS 9/29….DECEMBER
RESISTANCE # 2…………$1334.00
RESISTANCE # 1…………$1322.00
SUPPORT # 1……………..$1286.00
SUPPORT # 2……………..$1265.00
Mike Daly / Gold Specialist
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.