Gold Settles $23.40 Higher ... ($1631.50)

Today's February Gold futures traded a choppy $32.30 range and traded as high as $1641.50 as much of today's economic and geo-political news was bullish for the precious metals.

News from Iran indicated that had convicted and sentenced to death and imprisoned an American and former United States Marine Amir Mirzaei Hekmati for espionage.

This conviction will probably be used as a bargaining leverage against the west.

Iran has been defiant in regards to its uranium enrichment process in order to achieve nuclear

capability. The west has levied heavy sanctions against Iran and in retaliation Tehran has threatened to close the Strait of Hormuz and disrupting the transportation of Crude Oil.

News such as this raises the warring tensions and therefore causes concerns and speculations

over the worlds crude oil supply. Today's February Crude oil futures traded as high as $103.41 per barrel. Higher crude oil is inflationary and bullish for the precious metals.

The European Union and Japan announced that they are planning punitive cuts in oil imports from Iran.

After failing to import the 1000 ton on imported gold last year India's Central Bank allowed four more Banks to import Gold and Silver. Since India is the world's largest consumer of Gold this is considered to be very bullish Gold as well.

Also Sandra Pianalto Cleveland FED boss who has rotated to become a voting member of the FOMC has hinted that she would support more Quantitative Easing....Printing more U.S Dollars would be very bullish for the precious metals...

Silver also benefited from today's Gold friendly data as it settled $103.3 higher ($29.81.5 per ounce)...

MY SWING NUMBERS 1/11

FEBRUARY GOLD
RESISTANCE # 2............$1659.00
RESISTANCE # 1............$1645.00
PIVOT...........................$1627.00
SUPPORT # 1.................$1614.00
SUPPORT # 2.................$1595.00
VOLUME .......................134,000

MARCH SILVER
RESISTANCE # 2............. $31.14
RESISTANCE # 1............. $30.47
PIVOT ............................$29.69
SUPPORT # 1...................$29.03
SUPPORT # 2...................$28.24
VOLUME......................30,000

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