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Today’s gold session traded a fairly quiet $10.10 range. Today as expected the Bank of Canada raised their key Interest rates a quarter point to 1.00%. Despite higher energy prices and a weak U.S Dollar The Gold market could not maintain its early gains. December (Globex) Gold traded as high as $1264.70 before a mid to late session sell-off.
The physical demand is in full swing from the Asian sector primarily India… We also have $20.00 Silver…… This has become the Blue collar safe haven…. It is a matter of economics $20 an ounce Silver Versus 1260.00 per ounce for Gold…… Both are precious metals and safe haven investments.. Silver has the potential to outperform Gold. Silver is also an industrial metal and is in high demand for making batteries, solar panels, as well as coinage….
Reports : 9/9
Initial Jobless Claims………..7:30 am (CST)
U.S trade Balance…………….7;30 AM (cst)
MY SWING NUMBERS FOR 9/9….DECEMBER
RESISTANCE # 2……………….$1269.00
RESISTANCE # 1……………….$1264.00
PIVOT……………………………..$1259.00
SUPPORT # 1…………………..$1253.00
SUPPORT # 2…………………..$1249.00
Mike Daly / Gold specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-563-8029
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.
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