Gold Settles $6.90 LOWER ... ($1695.90)

Today's December Gold Futures session notched a $33.70 choppy and volatile trading range. The United States Dollar rallied versus the Euro as the continued Euro region fragility produced a six week low for the Euro versus the Dollar. The stronger Dollar is continued to pressure the precious metals rally momentum. After a weak German bond auction it became apparent that Euro debt crisis has reached the core of the region. The December Gold contract traded as low as $1677.10 before a late session rally (possible bargain buying) helped fuel a $1695.90 settlement.

Global investors continue to liquidate Gold and Silver positions in order to accumulate cash. This is almost the opposite thinking of investors and gold bugs under the circumstances. In the past investors used Gold and Silver as a safe haven investment during times of economic crisis ...Especially when historically gold and Silver have retained their value better than most commodities during times of economic stress....

Thursday is Thanksgiving Day and a U.S Exchange Holiday and many traders are already worried about the rest of the world getting an edge on the U.S traders as the European union will be meeting and releasing economic reports on Thursday.....

FRIDAY COULD BE A VERY INTERESTING TRADING DAY !

The weekly report on Initial Jobless Claims is 393k This was expected to be 390k. Happy Thanksgiving !!!!!!

MY SWING NUMBERS

DECEMBER GOLD.........
RESISTANCE # 2.....................$1729.00
RESISTANCE # 1.....................$1713.00
PIVOT ....................................$1695.00
SUPPORT # 1.........................$1678.00
SUPPORT # 2.........................$1661.00
VOLUME ...............................183,000

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

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