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
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