Gold Settles $11.00 Higher Today… ($1077.20)

By IBTimes Staff Reporter | February 09 2010 2:51 PM

Today’s weaker U.S Dollar and Higher Crude Oil prices help to fuel the $11.00 Gold rally. The market jumped mid-session as rumors surfaced that the European Union was committed to bailing out Greece and it’s ever worsening budget crisis. Unfortunately there was no confirmation from the European Union concerning this action. The Comex (April) contract settled at $1077.20 and traded as high as $1081.00 taking out resistance levels ($1072.00 & $1080) before traders took some profits as the rumors were not confirmed. There is an old adage amongst floor traders “BUY RUMORS and SELL FACTS” it appears this is what happen today. But in reality Greece, Spain, and Portugal are probably going to need assistance from the European Union.

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Reports 2/9 : TRADE BALANCE…..7:30 am (CST)

RESISTANCE # 2……….$1096.00 RESISTANCE # 1……….$1096.00 PIVOT…………………….$1074.00 SUPPORT # 1…………. $1064.00 SUPPORT # 2…………...$1052.00

Mike Daly / Gold Specialist PFG BEST