Gold Settles $1.90 Higher... ($1831.70)

Today's December Gold Futures contract covered a $29.10 range as traders tried to decipher the day's economic data.. earlier in the day session it was reported that the Greek Parliament budget auditors reported that the debt dynamics are out of control.....stating that the debt / GDP ratio is unlikely to stabilize in 2012....This certainly is shedding doubt on a fiscal mid-term plan...This sounds like more of the same from the European Union. Once again all eyes will be on tomorrows Initial Jobless Claims and Export Sales data... This weekend officially kicks off the Festival and Wedding season in India. I believe the recent dips gave the jewelers an opportunity to buy some bullion at 'bargain prices....but it is my opinion they will probably need to replenish due to the insatiable demand for the yellow metal during this season....

ECONOMIC DATA 9/1
EXPORT SALES...................7:30 am CST
INITIAL JOBLESS CLAIMS..7:30 am CST
UNEMPLOMENT FRIDAY ***********

MY SWING NUMBERS 9/1
RESISTANCE # 2................$1858.00
RESISTANCE # 1................$1844.00
PIVOT................................$1829.00
SUPPORT # 1...................$1815.00
SUPPORT # 2...................$1800.00
VOLUME............................147,000

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

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