Gold Settles At $1409.30 For The Week... ($1409.30)

This week has produced a $28.70 trading range that has had both traders and investors watching the news outlets as the violence in Africa and the Middle-east has caused the price of Crude Oil to breach the $100 per barrel this week and fueling inflation fears. There have been reports of heavy casualties in cities surrounding Tripoli.... Threatening the supply of Crude oil has ultimately been fueling oil prices Higher Crude prices are inflationary and would be bullish for both Gold and Silver.....The Gold should continue to be supported by these geo-political tensions....

Libya is a OPEC member and produces 1.6 million barrels of oil a day... However, there production has been halted according to oil analysts... The United States suspended their Embassy operation in Libya.... Libya's leader Muammar Gaddafi has remained defiant and has vowed To fight to the end if need be to remain in control of the Libyan government. The revolt has not only grown it has approached his door step as Tripoli has become the latest battle ground. The market as well as global investors are breathing a sigh of relief as it has been reported that Saudi Arabia has raised its Oil output about 8 percent to around 9 Billion barrels per day to offset the loss of Libyan exports... This certainly helped halt the sky rocketing price of Crude oil.....

Weekly News...
Silver is continuing to impress as well as the volume has increased dramatically during this geo-political rally.... The cheaper price in comparison to Gold has attracted the both large and small investors who are looking for more bang for their buck. Silver Closed at $33.13.5 for the week......

JOBLESS CLAIMS were 14,000 less that forecasted......

The precious metals continue to be the 'safe haven choice of global investors as the Middle-east and African demonstrations continue to threaten the flow of Crude Oil. There is great concern that there will be a disruption in the worlds exports that would drive the price of Crude Oil skyrocketing....Since the revolution in Egypt that has forced former President Hosni Mubarak to step down the political tensions have spread to many more nations both in Africa and the middle-east including Morocco, Algeria. Libya, Bahrain, and Yemen.... The demonstrators are all seeking the same result that occurred in Egypt...

MY SWING NUMBERS FOR 2/28

APRIL GOLD
RESISTANCE # 2........................$1420.00
RESISTANCE # 1........................$1414.00
PIVOT........................................$1407.00
SUPPORT # 1............................$1402.00
SUPPORT # 2............................$1395.00
VOLUME ...................................106,000

MARCH SILVER
RESISTANCE # 2........................$33.78
RESISTANCE # 1........................$33.34
PIVOT.........................................$32.68
SUPPORT # 1.............................$32.24
SUPPORT # 2.............................$31.58

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

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