Gold Settles $2.70 Lower… ($1202.60)

Today’s Gold market experienced its first down day since August 28th as a stronger U.S. Dollar helped nudge traders into profit taking. In my estimation many traders visualized more rally momentum based off Friday’s disappointing unemployment data. However, last week’s decision from the Euro region to keep interest rates at 1% may be lending strength to the U.S Dollar. There has been a continued demand for physical bullion especially from the Jewelers of India as they prepare for their September – December Festival
and Wedding season. India is the world’s largest consumer of Gold and is estimated to purchase roughly 20% of the world’s Gold annually…. I believe traders simply wanted to exit their positions due to tomorrows FOMC Meeting….

REPORTS:
WHOLESALE TRADE……………..7:30 am (CST)
PRODUCTIVITY…………………….7:30 am (CST)
*** FOMC MEETING***

My Swing Numbers 8/10 …..DECEMBER GOLD
RESISTANCE # 2……………..$1216.00
RESISTANCE # 1……………..$1209.00
PIVOT…………………………….$1205.00
SUPPORT # 1………………….$1198.00
SUPPORT # 2………………….$1194.00

Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-563-8029
*THERE IS EXTREME RISK TRADING F(UTURES, OPTIONS, and FOREX*