The Gold market reached another all-time level today trading as high as $1227.50 in the February Globex contract. There has been an increase in speculator, hedge fund and central bank interest as they are looking to capitalize on the prospect of continued U.S Dollar weakness. The Gold market has become the safe haven for investors seeking to diversify from the U.S Dollar. Today's Day session covered a $12.90 range while the Globex traded a range of $22.30. The gold market has had weekly gains 17 of the past 20 weeks and has showed tremendous resiliency and momentum. While trading around the $1206.50 level mid session gold mounted a late session rally to close at $1218.30 despite a stronger U.S dollar and weaker Crude Oil prices.

Reports: 12/04

UNEMPLOMENT...........7:30 am (CST)
My swing numbers for 12/05...February Gold....

RESISTANCE # 2...........$1227.00
RESISTANCE # 1...........$1222.00
PIVOT..........................$1214.00
SUPPORT # 1...............$1209.00
SUPPORT # 2...............$1201.00

Mike Daly / Gold Specialist