Gold Blog by Mike Daly 30/10/2009

By Mike Daly
30 October 2009 @ 03:33 pm EDT

Subject: Daly Gold Blog

Today's Gold Session Settled $6.70 Lower... ($1040.40)

The U.S dollar regained some of its early week muscle and showed a significant rally versus the Euro. The strength of the Dollar pushed equity market lower, resulted in lower Energy prices, and of course fueled the gold market's volatile sell-off. Comex Gold traded in a $9.50 range (high-$1046 & low-$1036.50) and basically settled in the middle. After yesterdays runaway rally in the gold I expected Friday's trade to be a profit taking session however, the strength of the Dollar certainly made the decision to take profits much easier.

The following are my swing numbers for Monday 11/02...

RESISTANCE # 2................$1050.00

RESIATANCE # 1................$1046.00

PIVOT................................$1041.00

SUPPORT # 1.....................$1036.00

SUPPORT # 2.....................$1032.00

For more reports, go to PFG Best

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