Today's Gold Session Settled $5.90 Lower... ($1058.60)

The Gold market offered a very sluggish yet choppy trade today as a stronger U.S Dollar rubbed some of the Glimmer of the yellow metal.The Dollar held stronger than expected  a day after the Euro rose above $1.50 for the first time in  14 months. Technically I still believe the Gold is over bought
as the COMEX Gold market hit an all-time high of nearly 254,000 net LONG positions. I also believe the U.S. Dollar Is in a technical over sold area. However with the recent decay of the U.S. Currency versus the 6 major basket currencies it is certainly way to early to say the present running of the BULLS' in the Gold has ended. Our latest Jobless claims numbers certainly reveal our economy has along way to go. The number of U.S Workers filing new claims rose 11,000 last week.

With India's Wedding season as well as the Holiday season quickly approaching we should see a spike in bullion. Despite the price of Gold consumers will honor traditions and  preferences even if it means buying a smaller ticket item.

The following are my swing numbers for 10/23
(DECEMBER GOLD)

RESISTANCE # 2.....................$1067.00
RESISTANCE # 1.....................$1062.00
PIVOT.....................................$1057.00
SUPPORT #1...........................$1052.00
SUPPORT # 2........................  $1047.00