Gold Settles $35.40 Higher... ($1657.70)

Today's December Gold Futures contract traded another vast range as traders and investors look to be re-entering the precious metals markets. During the month of September December Gold Traded an all-time high ($1923.70) on sixth of the Month and a low of $1535.00 just twenty days later on the twenty sixth. That is $388.70 range for the month. September 30th was the last trading session for the 3rd quarter. It is my opinion that fund managers sold (profit taking)much of their long Gold positions in order to offset losses in their Stock Market positions as September was a brutal month for the world's equity markets. As October signals the start of the 4th quarter I believe investors are choosing Gold as their safe haven investment choice. After all nothing has Changed since September the sixth. In fact the European Union financial fragility has heightened. The recent market correction has probably increased the desire to own precious metals seeing these lower prices as an opportunity as a bargain buy opportunity.

Time will tell !

MY SWING NUMBERS FOR 9/4

DECEMBER GOLD
RESISTANCE # 2...................$1695.00
RESISTANCE # 1...................$1676.00
PIVOT ..................................$1648.00
SUPPORT # 1........................$1629.00
SUPPORT # 2........................$1601.00
VOLUME .............................117,000

DECEMBER SILVER
RESISTANCE # 2...................$32.39
RESISTANCE # 1...................$31.59
PIVOT ...................................$30.63
SUPPORT # 1........................$29.83
SUPPORT # 2........................$28.87
VOLUME ..............................35,000

Mike Daly / Gold Specialist
Research Division
PFGBEST.com
mdaly@pfgbest.com
312.563.8029
877.294.4669

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