Gold Settles $7.90 Lower... ($1774.30)

The December Gold Futures traded a vast $30.90 range as a stronger U.S Dollar kept pressure on the precious metals. The day session traded a low of $1753.90 as European Union concerns weakened the Euro versus the U.S Dollar. However the Gold market came roaring late session as much higher Crude oil prices sparked a buying spree. Higher crude oil prices are considered anti Dollar and inflationary. Crude oil topped the $100 per barrel mark and traded as high as $102.89 as of this post.

According to Chris Kahn of the associated press : Iran, the world's fourth-largest oil exporter, is suspected of developing nuclear weapons, according to a United Nations report in early November. Its nuclear program could lead to international trade sanctions, and Israel has threatened military action. Companies operating in Nigeria also say that oil production has been hurt by spills, sabotage and outright thefts. Nigeria is one of the top five oil exporters to the U.S. Supplies of oil, gasoline and diesel also have been falling in the U.S., increasing the price pressure on those commodities.

Time will tell !

ECONOMIC DATA 11/17
EXPORT SALES...............................7:30 AM.CST.
HOUSING STARTS & PERMITS....7:30 AM.CST.
INITIAL JOBLESS CLAIMS.............7:30 AM. CST.

MY SWING NUMBERS 11/17

DECEMBER GOLD
RESISTANCE # 2..........................$1802.00
RESISTANCE # 1..........................$1788.00
PIVOT .........................................$1771.00
SUPPORT # 1...............................$1757.00
SUPPORT # 2...............................$1740.00
VOLUME .....................................133,000

DECEMBER SILVER
RESISTANCE # 2..........................$35.07
RESISTANCE # 1..........................$34.45
PIVOT .........................................$34.01
SUPPORT # 1...............................$33.38
SUPPORT # 2...............................$32.95
VOLUME ......................................44,000

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

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