Gold Settles $50.30 Lower... ($1616.00)

Today December Gold Futures traded another choppy, volatile and vast $68.50 range. December Gold traded as high as $1681.50 early in the overnight session as it looked like Asian investors were buying bullion and choosing Gold as their safe haven choice as news from the European Union still remains sketchy and fragile. The recent Gold sell-off has spooked the Gold bugs causing them to exit / liquidate long positions sooner in order to take profits or minimize losses .....

FOMC Chairman Ben Bernanke appeared in front of the JEC (Joint Economic Committee) for a Q&A... THE FED IS PREPARED TO TAKE FURTHER ACTION AS APPROPRIATE RECOVERY FROM CRISIS IS MUCH LESS ROBUST THAN HOPED SLUGGISH JOB GROWTH EUROPEAN UNION CRISIS WILL POSE RISKS TO THE GROWTH OF THE UNITED STATES ECONOMY.....

My question ? What is the solution ? We have heard all of this before ! Reports earlier from Saudi Arabia claimed there was rioting in eastern sector of the country resulting in fourteen people shot.....

MY SWING NUMBERS 10/5

DECEMBER GOLD
RESISTANCE # 2....................$1706.00
RESISTANCE # 1....................$1661.00
PIVOT ....................................$1637.00
SUPPORT # 1.........................$1592.00
SUPPORT # 2.........................$1568.00
VOLUME ................................166,000

DECEMBER SILVER
RESISTANCE # 2....................$32.18
RESISTANCE # 1....................$31.00
PIVOT .................................... $30.18
SUPPORT # 1.........................$29.02
SUPPORT # 2.........................$28.18
VOLUME ...............................42,000

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

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