Gold Settles $3.10 Higher… ($1231.40)

Today’s Gold session traded a very choppy $15.50
range as traders entered and exited gold in correlation
with the huge market swings in the U.S Dollar…
Normally a weak U.S dollar is bullish for Gold and a
stronger U.S Dollar is bearish Gold.

The U.S Dollar fought of early weakness versus the Euro
and the rally helped send the Gold market as low as $1218.90
before a steady stream of bargain hunting buyers turned
the momentum back to the “Bulls”…

Investors have been using Gold as a “safe haven” investment
especially with the recent economic climate both here in the
United States as well as The European Union….

Savvier investors have learned that the precious metals
tend to retain their value better than most commodities
during times of crisis…

The Gold market covered a large $15.50 range today,
however, it traded within the days technical range…
The Globex Gold traded well over 90,000 contracts today
and despite a strong selling effort around the pivot point
$1225.00 the market and the “bulls’ seized the day…

HIGH…..$1234.40 LOW….$1218.90 …

REPORTS 8/19:
EXPORT SALES…………………7:30 AM (CST)
INITIAL JOBLESS CLAIMS…7:30 AM (CST)

MY SWING NUMBERS 8/19……DECEMBER GOLD
RESISTANCE # 2……………………..$1240.00
RESISTANCE # 1……………………..$1232.00
PIVOT…………………………………… $1225.00
SUPPORT # 1………………………….$1215.00
SUPPORT # 2………………………….$1210.00

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Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-563-8029

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