GOLD SETTLES $23.10 HIGHER ... ($1723.50)

The December Gold Futures contract covered a $31.50 range with a High of $1728.00 and a Low of $1696.50. Despite lower Crude Oil prices today it is obvious that global investors are still less than confident that the leadership of the European Union will be able resolve the financial crisis in the region. Traders are awaiting reports from today's EU Summit in Brussels. The meeting began at 12:15 CDT and all of the world will be waiting for the results.... Since September 26th  through today's day session the December Gold contract has covered a range of $198.00. Investors and speculators alike are choosing the precious metals as their safe haven' alternative choice. Gold bugs know that historically Gold and Silver retain their value better than most commodities during times of economic uncertainty................ News / rumors of the FOMC approving a QE 3 persist. Anytime you print more of anything it becomes worth- LESS. Weaker USD is Bullish Gold and Silver.... Which is also helping to fuel this rally. Rumors and apparent news leaks will run rampant during the length of the Summit meeting ! There are also a vast amount of U.S. economic data due to be released tomorrow morning. This is probably the reason the volume was moderate.

Thursday 10/27

ECONOMIC DATA
Export sales..................7:3o am. cst.
GDP ...............................7:30 am. cst.
Initial Jobless Claims....7:30 am.cst.
EIA Gas Storage............9:30 am. cst.

MY SWING NUMBERS
DECEMBER GOLD
RESISTANCE # 2.....................$1747.00
RESISTANCE # 1.....................$1735.00
PIVOT ....................................$1716.00
SUPPORT # 1.........................$1704.00
SUPPORT # 2.........................$1684.00
VOLUME ...............................128,000

DECEMBER SILVER
RESISTANCE # 2.....................$34.33
RESISTANCE # 1.....................$33.88
PIVOT ....................................$33.39
SUPPORT # 1.........................$32.82
SUPPORT # 2.........................$32.35
VOLUME ...............................34,000

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

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