The Gold market rally continues to be fueled by physical demand both from Asian sector purchasing bullion for their upcoming Wedding and Festival seasons as well as savvier global investors who seek safer haven investments. The Gold market traded a very hearty $18.30 range with Globex volume well over 90,000 today.

Technically the Gold market continues to trade through key resistance levels and forcing the execution of “BUY STOP LOSS” orders. I believe the entire trading community is eyeing Friday’s UNEMPLOYMENT data which is due out at 7:30 am (CST) with true apprehension…..

FOMC minutes from August meeting revealed more of the same……………………(see below)
“The preconditions for a pickup in growth in 2011 appear to remain in place”
“Should further action prove necessary ….policy options are available”
“The FOMC will do all that it can to ensure continuation of the economic recovery”

REPORTS: 9/1
CONSTRUCTION SPENDING………………..9:00 AM (cst)
MANUFACTURING INDEX…………………..9:00 AM (cst)

MY SWING NUMBERS 9/1

RESISTANCE # 2……………………$1263.00
RESISTANCE # 1……………………$1256.00
PIVOT …………………………………$1245.00
SUPPORT # 1……………………….$1238.00
SUPPORT # 2……………………….$1227.00

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

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