Gold Settles $52.90 Higher Today ($1641.60)...

Today's December Gold Futures contract covered a range of $52.90. with a High of $1648.90 and a low of $1596.60. The Gold market traded a very technical range today and held a very key support level ($1590-$1595) . Holding this support level appeared to bring fresh buyers into the market. Higher Crude oil prices and the ever present fragility in Greece and the Euro region sent investors to safe haven alternative investments. Primarily the precious metals. The December Gold contract also closed above today's pivot level of $1637.00 ....

Stocks rebounded from a new one year low as investors may be looking at cheap stock prices as well as Gold and Silver as bargain buying opportunities........

Late yesterday :
Moody's downgrades Italy's government bond rating to A2, a cut of three notches, outlook negative.........
Silver rebounded today and closed above $30 an ounce
December Silver settled at $.....$30.35.2

Thursday's Economic Data...
Initial Jobless Claims.........................7:30 am . cst.
Export Sales ...................................7:30 am. cst

MY SWING NUMBERS 10/6
DECEMBER GOLD
RESISTANCE # 2.......................$1682.00
RESISTANCE # 1.......................$1661.00
PIVOT ....................................$1629.00
SUPPORT # 1...........................$1609.00
SUPPORT # 2...........................$1576.00
VOLUME .................................136,000

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

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.