GOLD SETTLES $54.10 LOWER... ($1720.20)...

Today's December Gold Futures session covered a volatile, choppy, and vast $57.00 range as traders and investors alike are liquidating their precious metal in order to raise cash. This is almost exactly the opposite in the normal thinking in trading gold during times of economic crisis. The European continent is facing its worst economic crisis since World War 2. This should be reason enough for a flight to safer havens... However , in my opinion European and global investors are liquidating Gold and Silver to raise cash and are choosing the U.S dollar as their currency of choice recently...

The U.S economic data recently has shown that the United States economy is growing stronger despite the continued slide in the European union..... today the Gold market had all the fundamentals against it including (1) LOWER CRUDE OIL (2) WEAKER EURO (3) STRONGER U.S. DOLLAR & (4) BETTER THAN EXPECTED INITIAL JOBLESS CLAIMS......just to name a few...... Technically Gold broke through a major support level as it traded through $1750.00....Traders are eyeing the next huge support level of $1700.00...The low of today's day session was $1711.00.....

We'll see if the Asian sector sees this as a bargain buying opportunity......

The weekly report on Initial Jobless Claims is 388k This was expected to be 395k.

MY SWING NUMBERS FOR 11/18

DECEMBER GOLD
RESISTANCE # 2....................$1790.00
RESISTANCE # 1....................$1755.00
PIVOT ...................................$1733.00
SUPPORT # 1.........................$1698.00
SUPPORT # 2.........................$1676.00
VOLUME ...............................173,000

DECEMBER SILVER
RESISTANCE # 2.....................$35.12
RESISTANCE # 1.....................$33.33
PIVOT ....................................$32.17
SUPPORT # 1.........................$30.36
SUPPORT # 2.........................$29.23
VOLUME ...............................48,000

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

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