Gold Settles $9.50 Higher … ($1392.70)

Today’s February (Globex) contract traded in a volatile $14.50 range as news from the European Union continues to fuel the U.S Dollar’s recent strength as well as sending savvier global investors into Gold and Silver as alternative “safe havens” investments. The fragility of the euro region has many traders as well as investors buying the precious metals in order to protect their wealth as Gold and Silver have a long history of retaining their value better than most commodities during times of crisis…

Today Fitch cut Ireland’s credit rating from A+ to BBB-…this is just three levels above non-investment grade. There was a rumor early in the session that there was extreme opposition in Ireland to accept the bail-out package as is…. The Irish have imposed very stringent measures in order to receive the present bail-out package from the European Union and IMF (International Monetary Fund) jointly. The current measures imposed have not been well received….

France and Germany have joined forces in refusing to add to 4440 Billion Euro rescue fund….putting an added strain on already high tension atmosphere. European Union leaders are due to summit next week…..

On a brighter note U.S Jobless Claims were better than projections…. Data showed jobless Claims were 421,000 better than 425,000 expected…  Silver traded a very choppy 84.5 cent range as it mirrored the Gold markets movements …

Silver settled 56.5 cents higher and settled at $28.87.7….

REPORTS : 12/10  U.S Trade Balance………….7:30 am (cst)

MY SWING NUMBERS / GOLD FEBRUARY

RESISTANCE # 2…………$1405.00
RESISTANCE # 1…………$1399.00
PIVOT……………………….$1390.00
SUPPORT # 1……………..$1384.00
SUPPORT # 2……………..$1375.00

MY SWING NUMBERS / SILVER MARCH
RESISTANCE # 2…………$29.53
RESISTANCE # 1…………$29.18
PIVOT……………………….$28.69
SUPPORT # 1……………..$28.38
SUPPORT # 2……………..$27.85

Mike Daly / Gold Specialist
PFG BEST

[email protected]

312-563-8029

877-294-4669