Gold Settles $35.80 Lower... ($1778.90)

Today's December Gold Futures contract traded another choppy., volatile and vast $61.90 range as traders continue to watch the fragility in the European Union as the weaker Euro Dollar is fueling a stronger U.S Dollar. Since Gold is considered 'ANTI U.S Dollar and normally trades inverse of each other the U.S dollar strength is certainly pressuring both the Gold and Silver markets today.... Also traders are eyeing the two day FOMC meeting this week...

REUTERS reported that International lenders told Greece on Monday it must shrink its public sector and improve tax collection to avoid default within weeks as investors spooked by political setbacks in Europe dumped risky Euro zone assets. Without its next 8 billion Euro's tranche...Athens says it will Run out of cash in Mid-October. Leaving it unable to cover state Salaries, pensions, and pay its bills.....

World Bank Chief Robert Zoellick said A new and larger risk Looms. The drop in markets and confidence could prompt slippage In developing countries investment and pull back by their consumers too The G20 and IMF/WORLD BANK meeting will take place in Washington later in the week.....

9/20
FOMC MEETING
MY SWING NUMBERS 9/20

DECEMBER GOLD
RESISTANCE # 2..................$1856.00
RESISTANCE # 1..................$1817.00
PIVOT .................................$1794.00
SUPPORT # 1..................... $1756.00
SUPPORT # 2......................$1732.00
VOLUME .............................161,000

DECEMBER SILVER
RESISTANCE # 2..................$41.57
RESISTANCE # 1..................$40.37
PIVOT..................................$39.70
SUPPORT # 1......................$38.49
SUPPORT # 2......................$37.83
VOLUME..............................39,000

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