Another wild and volatile session in the gold market today as the Peoples Bank of China unexpectedly raised the reserve requirements another.50 basis points. This is a statement from the worlds fastest growing economy that it will cease being the driving force for global fiscal recovery.

The U.S Dollar also was fueled by reports stating that Greece’s Gross Domestic Product was much worse than expected. This boosted the U.S Dollars appeal…

The Comex Gold traded a $13.70 range. There appeared to be some profit taking off the raised rates from the Peoples Bank of China in advance of the upcoming three day weekend…(Presidents Day)…

My Swing Numbers….Tuesday…2/ 16

RESISTANCE # 2………$1107.00
RESISTANCE # 1………$1098.00
PIVOT……………………$1088.00
SUPPORT # 1…………..$1078.00
SUPPORT # 2…………..$1060.00

LET’S TALK GOLD

Mike Daly / Gold Specialist
PFG BEST