Gold Closed $5.90 Higher Today… ($1064.50) Today’s Gold (Comex) day session opened $8.60 lower as the U.S. Dollar was only slightly lower versus the Euro. Since the Diwali and Dhanteras festivals in India are over as well as the throngs of consumers purchasing Gold. (India is the world’s largest consumer of Gold.) Many Gold bugs remained on the side-lines believing the end of the of India’s festivals would also lessen support of the gold prices. They were correct and were offered bargain basement prices as Gold traded $1049.00 as a low. However mid to late session the U.S Dollar fell to a new low versus the Euro and continued its Global decay. This resulted in investors buying Stocks, Crude oil, and of course the precious metals as an alternative to the Dollar. The Gold environment remains choppy, volatile, and nervous considering the amount of speculative LONG positions. We continue to be technically over-bought but the continuing slippage of the U.S Currency warrants the buying of Gold. Once again we traded a wide range ($15.80)…with a High of $1064.80 and a Low of $1049.00….

REPORTS FOR 10/22:

EXPORT SALES………….7:30 am (CST)
JOBLESS CLAIMS……….7:30 am (CST)

The following are my swing numbers for 10/22
(DECEMBER GOLD)

RESISTANCE # 2…………………..$1075.00
RESISTANCE # 1…………………..$1069.00
PIVOT ……………………………..$1059.00
SUPPORT # 1……………………….$1053.00
SUPPORT # 2……………………….$1043.00

Mike Daly / Gold Specialist PFG BEST