GOLD SETTLES $23.80 HIGHER... ($1702.40)

Today's December Gold Futures market covered a $38.90 choppy and volatile range. The Gold session rebounded strongly today after settling $46.50 lower yesterday. Today's rally was attributed to several factors including Higher Crude Oil prices, The minutes from the 11/1 -11/2 FOMC minutes, and sanctions against Iran just to name a few.

Crude oil prices traded as high as $98.70 per barrel in the January futures market as Iran was subject to new sanctions for continuing to develop nuclear bomb capabilities. Higher Crude Oil prices were also supported do to the rioters in the streets of Cairo , Egypt who are demanding that the military relinquish control and begin the election process for a new Egyptian government... Speculators are concerned that Oil transportation may be interrupted via the SU MED canal.... Crude Oil is very vulnerable to the Geo-political tensions in Oil producing nations.....

Minutes from the FOMC 11-1/11-2 meetings has revealed that some FED members are in favor of more easing....(QE 3 ????). Any time you print more of anything....IT IS WORTH LESS !!!!!!! If they print more Dollars...it should be bullish Gold............

ECONOMIC DATA 11/23
ADVANCED DURABLE GOODS.................7:30 AM. CST.
INITIAL JOBLESS CLAIMS...........................7:30 AM, CST.
PERSONAL INCOME ..................................7:30 AM. CST.

MY SWING NUMBERS 11/23

DECEMBER GOLD
RESISTANCE # 2......................$1731.00
RESISTANCE # 1......................$1716.00
PIVOT ......................................$1692.00
SUPPORT # 1...........................$1678.00
SUPPORT # 2...........................$1653.00
VOLUME..................................162,000

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

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