GOLD SETTLES $22.00 LOWER... ($1725.20)

Today's December Gold Futures contract traded a $41.00 range as news that MF Global filed chapter 11 Bankruptcy protection and leaving behind over 2 Billion Dollars in debt to some of Wall Street's largest institutions including JP Morgan Chase and Deutsche Bank. Bad investments linked to the European Union's financial crisis are being cited as the cause for MF Global's chapter 11 filing.... Equity markets and the precious metals sold off due to a weaker Euro and stronger U.S Dollar.... December Gold traded as High as $1746.50 an as Low as $1705.50 in the combined overnight/day sessions....The MF Global news reflects just how much the European Union's financial fragility is effecting the overall economy of the world. Volume was light in the Gold market as investors appear to be reluctant to jump into this latest fire! The CME Group has limited MF Global trading to liquidation only http://www.cmegroup.com/tools-information/lookups/advisories/electronic-trading/20111031.html

ECONOMIC DATA 11/1
Construction spending.................9:00 AM. CST
ISM Manufacturing Index ...........9:00 AM. CST.

MY SWING NUMBERS 11/1
DECEMBER GOLD
RESISTANCE # 2.......................$1767.00
RESISTANCE # 1.......................$1746.00
PIVOT .......................................$1726.00
SUPPORT # 1............................$1706.00
SUPPORT # 2............................$1685.00
VOLUME ...................................110,000

DECEMBER SILVER
RESISTANCE # 2........................$36.00
RESISTANCE # 1........................$34.63
PIVOT .......................................$34.63
SUPPORT # 1............................ $33.81
SUPPORT # 2.............................$33.27
VOLUME ...................................27,000

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