Gold Settles $2.60 Higher Today … ($1098.30)

By IBTimes Staff Reporter | January 26 2010 6:34 PM

Today’s gold trade experienced a very choppy and thin trade as gold Bugs await news from the FOMC meetings. The Comex Gold market covered a range of $14.50 as traders were seeking direction before finally closing higher just below the $1100.00 psychological level. The Gold market was a very technical trade today as it stayed between (MY) support and resistance numbers and closed higher in spite of a stronger U.S Dollar.

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The Conference Board Consumer Research Center reported “Consumer confidence rose for the third consecutive month, primarily the result of an improvement in present day conditions. Consumers’ short-term outlook, while moderately more positive, does not suggest any significant pickup in activity in the coming months. Regarding their financial situation, while consumers were less dire about their income prospects than in December, the number of pessimists continue to outnumber the optimists”.

The Gold craze continues in China as the rush to own the yellow metal shows no signs of slowing…It is reported that on busy day’s $10,000 people pass through the doors of Caibai (The # 1 place for buying Gold in China). *2 Billion citizens in China*

REPORTS: 1/ 27 New Housing……………….9:00 am (CST) **FOMC MEETING **

My Swing Numbers 1/27 February Gold

RESISTANCE # 2…………$1113.00 RESISTANCE # 1…………$1105.00 PIVOT ……………………...$1095.00 SUPPORT # 1……………..$1087.00 SUPPORT # 2……………..$1077.00

Mike Daly / Gold Specialist