Gold Settles $31.40 Higher ... ($1750.30)

Today's February Gold Futures traded a very bullish and vast $50.40 range as hints of a possible QE 3 sent traders into the precious metals as a safe haven alternative investment choice. Any time there is a hint of more easing (printing more U.S Dollars) it should suggest that any time you print more of ANYTHING it becomes worth less. Higher Crude oil prices also helped to fuel today's Gold rally as January Crude oil futures traded as high as $101.75 per barrel as the geo-political tensions remain high in Iran. Anti British and American protestors continue to demonstrate and support the Iranian government attempt to covet nuclear technology claiming it will be only used for electricity....

Excerpts from the Christian Monitor:
One day after the sacking of its embassy in Tehran by pro-regime Iranian militants, Britain has evacuated all its diplomats from Iran, closed its embassy, and ordered the expulsion of all Iranian diplomats from London within 48 hours. 

The decision is the latest salvo in an increasingly bitter clash between the Islamic Republic - burdened by an increasing array of sanctions over its nuclear program - and the West. It also reflects divisions among hard-line conservatives within Iran's ruling elite, as members of the basijiideological militia and others stormed the embassy walls, tore down and burned British flags, and carted away the cast-iron coat of arms featuring two lions. Today some conservative voices and websites praised the attack, while others condemned it as endangering national security.

It is now being reported that rating agency Egan-Jones has cut the credit rating on France ......................

ECONOMIC DATA 12/1
EXPORT SALES........7:30 am. cst.
INITIAL JOBLESS CLAIMS 7:30 am. cst.

MY SWING NUMBERS 12/01

FEBRUARY GOLD
RESISTANCE # 2.........................$1786.00
RESISTANCE # 1.........................$1768.00
PIVOT ........................................$1736.00
SUPPORT # 1..............................$1718.00
SUPPORT # 2..............................$1686.00
VOLUME ......................................158,000

MARCH SILVER
RESISTANCE # 2..........................$34.17
RESISTANCE # 1..........................$33.48
PIVOT............................................$32.30
RESISTANCE # 1..........................$31.61
RESISTANCE # 2..........................$30.43
VOLUME ........................................34,000

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

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