Today's Gold Settled $1.20 Higher Today... ($1387.00)

Once again today's Gold session covered a very choppy and volatile $15.70 range as economic data had traders and investors taking a defensive posture. Today's session was extremely technical as the Gold traded between support and Resistance levels with moderate volume (143k)....

The Gold once again made a late session rally to close higher on the day.... I also believe many traders were taking a wait and see approach to tomorrows bevy of economic data...However , the news and reports released to today were telling regarding the global economy... The indicators were not good!!!

Weekly Jobless Claims reported that first time applicants for unemployment benefits was 445,000...This was expected to be 410,000... FOMC Chairman Ben Bernanke while attending a panel concerning small business stated that the FED see's the economy strengthening however, the unemployment isn't falling at a pace the FED would like.........

There also is NO doubt the globe is concerned about world-wide INFLATION....

*South Korean's Central Bank raised rates by .25 basis points....this was done as an anti-inflation measure..The BOK has hinted that they will raise rates .25 basis points every quarter to curb their high inflation......

*Thailand's Central bank raised for the fourth time in six months.... The bank raised their rate .25 basis points in light of rising inflation....

*There are indications that the Central Bank of India is about raise their rates.....

*There are also indications that Poland's Central Bank will raise rates soon... Poland's inflation rate has reached a 11 month high......

*The 10 member Board of the Central Bank of Chile are split in their consideration of a rate hike......

*EXPECT OTHER NATIONS TO FOLLOW SUIT.........

Despite all these Central banks raising rates.....Gold remains resilient...so far....

ECONOMIC DATA 1/14
BUSINESS INVENTORIES.......................7:30 AM (CST)
CPI.........................................................7:30 AM (CST)
REAL EARNINGS....................................7:30 AM (CST)
RETAIL SALES........................................7:30 AM (CST)

MY SWING NUMBERS FOR 1/14......

FEBRUARY GOLD
RESISTANCE # 2.............$1402.00
RESISTANCE # 1.............$1395.00
PIVOT.............................$1386.00
SUPPORT # 1.................$1379.00
SUPPORT # 2.................$1370.00

Silver Closed 28.2 Lower...$29.26.3...
VOLUME = 50K.....
MARCH SILVER
RESISTANCE # 2............$30.05
RESISTANCE # 1............$29.65
PIVOT............................$29.40
SUPPORT # 1................$29.00
SUPPORT # 2................$28.75

Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-563-8029

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