Gold Closes $2.20 Lower ... ($1248.10)

By IBTimes Staff Reporter | September 01 2010 4:29 PM

Today's Gold session traded a technical $12.50 range. It appeared that traders were a tentative around the $1255.00 plus levels and took some profits prior to the economic data due out tomorrow morning. Gold traders are also concerned about the possibility of a strike by the National Union of Mineworkers in South Africa. South Africa is the number two Gold producer second only to China.... Traders are looking at a possible supply and demand issue....

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Once again the Gold and U.S Dollar are coupled as the inconsistency of the Euro is fueling Gold / U.S Dollar strength. Gold ended the month of August higher by 5.6%....

During a Television interview Philadelphia Central Bank boss Charles Plosser stated the Fed can do more to affect the jobless rate this year....

PREVIOUSLY....every price dip was met with a surge of Asian buying........ *please feel free to contact me with your questions and comments........

REPORTS: 9/2 EXPORT SALES.........................7:30 AM (CST) INITIAL JOBLESS CLAIMS.... ....7:30 AM (CST) PRODUCTIVITY ........................7:30 AM (CST) FACTORY ORDERS ...................9:00 AM (CST)

MY SWING NUMBERS 9/2 RESISTANCE # 2........................$1262.00 RESISTANCE # 1........................$1256.00 PIVOT ......................................$1250.00 SUPPORT # 1............................$1242.00 SUPPORT # 2............................$1238.00

Mike Daly / Gold Specialist

PFG BEST mdaly@pfgbest.com 877-294-4669 312-563-8029

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