Gold Settles $55.70 Lower ... ($1817.60)

Today's December Gold Futures contract traded another choppy, volatile , and huge $89.40 range. During the past two trading sessions Gold has covered a $129.90 range. Yesterday we recorded another al-time high of $1923.70 and as low as $1793.80 in the early part of today's session. This is volatility at its finest! It is my belief that many traders continued to liquidate Long positions as well as play the short side in anticipation of President Obama's television address to the nation. We as traders are hoping to hear a plan with direction that will help put Americans back to work ! Obviously lowering the unemployment number will help the high housing foreclosures as well as kick start this sluggish economy.

Traders are also awaiting the Jobless claims and U.S Trade Balance that will be released Thursday at 7:30 AM. CST. This latest avalanche sell-off has also been fueled by the Technical overbought status ,,,On August 25th the December Gold Futures contract traded as low as $1704.50. On September 6th the December Gold traded as high as $1923.70. This is a $219.20 rally in less than two weeks...There needed to be technical correction....

DECEMBER SILVER SETTLED AT $41.63 Today........
ECONOMIC DATA 9/8
INITIAL JOBLESS CLAIMS..............7:30 AM. CST.
U.S. TRADE BALANCE................... 7:30 AM. CST.

MY SWING NUMBER 9/8

DECEMBER GOLD
RESISTANCE # 2............................$1921.00
RESISTANCE # 1............................$1870.00
PIVOT ...........................................$1832.00
SUPPORT # 1................................$1780.00
SUPPORT # 2................................$1743.00
VOLUME.........................................281,000

DECEMBER SILVER
RESISTANCE # 2.............................$43.32
RESISTANCE # 1............................ $42.48
PIVOT ............................................$41.43
SUPPORT # 1.................................$40.59
SUPPORT # 2.................................$39.54
VOLUME..........................................37,000

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

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