Gold Settles $31.40 Lower ... ($1713.40)

February Gold Futures traded another very volatile and choppy $52.70 range as the market reacted to the day's conflicting news and leaving investors and traders less than confident with the European Union's financial leadership. The European Central Bank cut its key interest rate by .25 basis points Thursday, but the majority of analysts predicted it would .50 basis points. The key interest rate sent gold rallying early in the session and producing a high of $1760.50. The rally was halted and an avalanche type sell-off followed after ECB President Mario Draghi announced that the purchase of sovereign bonds would be limited. Once again the leaders from the European Union disappointed the world markets. Today's United States Initial Jobless Claims was 381,000 this was much better

than the 395,000 that was projected. All in all the news today was very bearish Gold and despite all the negativity February Gold is still trading above $1700.00 an ounce. It is reported that Standard Poor's may cut 15 Spanish Banks credit ratings......The news from the EU continues to worsen...

MY SWING NUMBERS 12/9

FEBUARY GOLD
RESISTANCE # 2..............$1780.00
RESISTANCE # 1..............$1746.00
PIVOT ............................$1727.00
SUPPORT # 1..................$1694.00
SUPPORT # 2..................$1674.00
VOLUME ........................106,000

MARCH SILVER
RESISTANCE # 2..............$33.17
RESISTANCE # 1..............$32.75
PIVOT ............................$32.09
SUPPORT # 1..................$31.30
SUPPORT # 2..................$31.01
VOLUME ........................31,000

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