Gold Settles $30.20 Higher ... ($1809.10)

Today's December Gold Futures covered a $42.30 range as traders are eyeing the results of the FOMC two day meeting concluding tomorrow. There is a consensus amongst Gold traders that there will more money easing to help jump start the sluggish U.S. economy. These vast range swings are proof that the global investors and traders are simply trading the daily economic data until they feel there is a direction to form their trading strategies.

After yesterday's avalanche sell-off there appeared to be Greater demand from the Asian sector to buy bullion as a bargain buying opportunity. The Wedding and Festival season is in full swing as the demand for Gold is insatiable.

The continued fragility in the European Union (Italian downgrade) Could keep pressure on the Euro and lend strength to the U.S. Dollar however, I believe savvier investors are choosing Gold as their alternative investment choice.

ECONOMIC DATA 9/21
FOMC MEETING.......
Existing Home Sales................9:00 AM.CST.

MY SWING NUMBERS 9/21
DECEMBER GOLD
RESISTANCE # 2.........................$1840.00
RESISTANCE # 1.........................$1824.00
PIVOT.........................................$1798.00
SUPPORT # 1.............................$1783.00
SUPPORT # 2.............................$1756.00
VOLUME .....................................151,000

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

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