Subject: Daly Gold Report 10/28

The (Comex) Gold Day Session Closes $4.90 Lower...(1030.50)

Gold continued its retreat today closing $4.90 lower for the session. The Gold was on the defensive most the afternoon as corporate earnings were less than impressive while the government reported durable goods only rose 1% were certainly the catalyst to extend the continued surge of the U.S Dollar. The energy sector also sold off giving back early gains helping to contribute to the Gold slide. As always there was a gold lining to this recent slide. It has been reported the consumption of Gold has picked up in India as Jewelers re-stock for the wedding season. Surprisingly NEW HOME sales fell 3.6%. This was the first decline March. I also believe many traders sat the side-lines today in anticipation of the Reports due out Thursday 10/29...

I felt them important enough to give you 2 days notice! I am looking to buy February Bull/Call spreads soon!

REPORTS: 10/29.........

EXPORT SALES..........7:30 AM (CST)

GDP..........................7:30 AM (CST)

JOBLESS CLAIMS....  7:30  AM (CST)

DECEMBER (COMEX) GOLD traded a $9.70 RANGE....

These levels have certainly reflected the uncertainty and volatility we as Gold Bugs share. This market was way over-bought and is presently going through a retracement. As long as reports favor the Dollar it will remain status quo.

The following are my swing numbers for Thursday 10/29

         (DECEMBER GOLD)

RESISTANCE #2...................$1042.00

RESISTANCE #1...................$1036.00

PIVOT................................. $1032.00

SUPPORT #1........................$1026.00

SUPPORT #2........................$1022.00