Gold Settles $32.00 Lower ... (1759.60)

Today's December Gold Futures session covered a $40.30 range as the profit taking sell-off continued. December Gold traded as low as $1736.60 before producing a late session rally to help stop the slide. Tuesday and Wednesday's trading sessions both breached the $1800.00 psychological level but unable to maintain it. This along with the upcoming Veterans Day Holiday (Friday 11/11) may have chased some longs to take profits. Others speculate that MF Global is also liquidating long positions as well.. Despite HIGHER Crude oil prices Gold and Silver could not overcome the rush to profit take. Since November 1st gold has traded a range of $123.20. (HIGH $1804.40 and a LOW of $1681.20)......And due to the choppy and volatile conditions it is understandable why Gold bugs are eager to take profits when available.

The weekly report on Initial Jobless Claims is 390k This was expected to be 400k.

Bernanke is speaking to a group of soldiers and their families. Says Fed focusing intently on supporting job growth unemployment rate remains painfully high US economic problems are very serious inflation appears to be moderating Inflation likely to stay close to 2% or less Economy may have 5 to 6% unemployment without inflation Fed shouldn't carry whole burden to ensure prosperity

 MY SWING NUMBERS 11/11

DECEMBER GOLD
RESISTANCE # 2..................$1798.00
RESISTANCE # 1..................$1780.00
PIVOT ..................................$1758.00
SUPPORT # 1.......................$1738.00
SUPPORT # 2.......................$1718.00
VOLUME ..............................155,000

DECEMBER SILVER
RESISTANCE # 2....................$35.07
RESISTANCE # 1.................. $34.59
PIVOT ...................................$33.86
SUPPORT # 1.........................$33.37
SUPPORT # 2.........................$32.65
VOLUME ...............................41,000

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