Gold Settles $14.60 lower Today.... ($1318.40)

Another negative session as gold trades a very volatile and choppy $37.60 range as lack of momentum and technical selling continue to put the pressure on the precious metals markets.... Gold bugs saw Gold settle at the $1318.40 level and the lowest since October 4, 2010. As we have been reporting for months this has been a much needed retracement in order to refresh this market. However, due to the previous insatiable physical demand the precious metals continued to climb and ignored the technical overbought status....

We have seen a drop in physical demand as investors may be looking for prices to continue to dip and are seeking cheaper prices before re-entering the market....Gold and Silver prices have taken a beating over the past few weeks due primarily to the raising of rates by central banks globally.

REPORTS: 1/28
GDP.....7:30 am (CST)

MY SWING NUMBERS

FEBRUARY GOLD
RESISTANCE # 2..............$1363.00
RESISTANCE # 1..............$1340.00
PIVOT..............................$1325.00
SUPPORT # 1.................$1303.00
SUPPORT # 2.................$1287.00
VOLUME.........................196K

MARCH SILVER
RESISTANCE # 2..............$27.79
RESISTANCE # 1..............$26.75
PIVOT...............................$27.03
SUPPORT # 1...................$26.59
SUPPORT # 2...................$26.19
VOLUME ..........................60K

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