GOLD SETTLES $1.30 HIGHER… (1239.20)

Today’s Gold session traded a very quiet $5.40 range. There continues to be strong buying from the Asian sector primarily India and China as they inch closer to their Wedding season. As we approach the last trading of the month I believe traders have their eyes focused on this week’s economic data especially Friday’s Unemployment number due out at 7:30 am (CST)… There should be added anxiety as next weekend is the Labor Day weekend and the markets will closed Monday September 6th for its observance….

The Gold has retained rally momentum off the recent poor economic data that has caused savvier investors to purchase both Gold and Silver as a “safe haven ‘ alternative investment. This coupled with the insatiable demand from Asia have certainly kept the rally buoyant…High unemployment (8 million Americans) and on pace for record foreclosures have chased investors into tangible assets such as Gold, Silver, and Diamonds as they have a history of retaining value better than most commodities….

REPORTS:8/31
CONSUMER CONFIDENCE …..9 AM (CST)

MY SWING NUMBERS FRO 8/31….DECEMBER GOLD
RESISTANCE # 2…………………$1243.00
RESISTANCE # 1…………………$1241.00
PIVOT ……………………………..$1238.00
SUPPORT # 1………………….….$1235.00
SUPPORT # 2……………………..$1232.00

Let’s talk Gold……

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

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