Gold Settles $3.80 Higher ... ($1782.20)

Today's December Gold Futures traded another volatile and choppy $26.90 range consisting of a high of $1787.80 and a low of $1760.90. A stronger U.S Dollar continues to pressure the precious metals and halting upward momentum. RUMOR has it that Italy will be in for a significant credit downgrade. These wide choppy ranges are beginning to be the norm ... And I expect them to remain until investor confidence grows... The wide ranges have been very technical as they have traded between technical support and resistance levels.... I believe these technical ranges indicate the true lack of confidence that investors have. Gold bugs are not pushing the boundaries since the avalanche sell-off on September 23rd .... (9/23 trading range...High-$1757.90 Low-$1631.70)... The volatility has left many traders a bit gun shy.... Crude Oil prices are once again approaching $100 per barrel.... The higher Crude prices are normally 'bullish for Gold.....The higher Crude oil prices helped to offset the higher U.S Dollar today.....

ECONOMIC DATA 1/16
CPI............................7:30 am. cst.
REAL EARNINGS ....7:30 am. cst.

MY SWING NUMBERS 11/16
DECEMBER GOLD
RESISTANCE # 2..............$1804.00
RESISTANCE # 1..............$1793.00
PIVOT ..............................$1777.00
SUPPORT # 1...................$1766.00
SUPPORT # 2...................$1750.00
VOLUME .........................110,000

DECEMBER SILVER
RESISTANCE # 2................$35.43
RESISTANCE # 1................$34.95
PIVOT .................................$34.35
SUPPORT # 1.....................$33.86
SUPPORT # 2.....................$33.28
VOLUME ............................41,000

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

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