Today’s (Comex) Gold day session covered a $7.30 range. After trading on 15 month lows the U.S. Dollar rebounded today keeping the Gold from reaching new heights. I believe there were lots of Gold bugs on the side-lines today due to the Veterans Day Federal /Bank holiday tomorrow. I believe many Gold Bugs looked to buy the dip beneath $1100.00. (I tried to buy some Bull/calls)…

Since the FOMC decision to keep rates “status quo’ my opinion is Gold Bugs are going to do what they do best “Buy dips and sell rallies”… Seasoned gold traders understand this market is totally over-bought with the potential to re-trace $100+ Dollars instantly with any BULLISH Dollar news. We’ve learned over the years to “take the money”… because you can always get back in.

* HAPPY B-DAY USMC. & HAPPY VETERANS DAY*

COMEX GOLD 11/10

HIGH………….. $106.80
LOW……….......$1099.50
CLOSE………...$1102.50

The following are my swing numbers for 11/11…Veterans Day

RESISTANCE # 2……………….$1110.00
RESISTANCE # 1……………….$1106.50
PIVOT…………………………….$1103.00
SUPPORT # 1…………………...$1099.00
SUPPORT # 2…………………...$1096.00

Mike Daly /Gold Specialist