For the fourth consecutive session the Comex Gold has taken a beating. Despite a lower U.S Dollar the Gold market continued its slide as the correction continues. The recent good news from The Labor Department (Friday 12/04) has many investors confident the U.S economy has turned the corner and is on its way to stability. I believe we needed this sell-off to maintain the integrity of the Gold market and create new investors. The demand for Physical Gold will also increase due to lower prices which are good news for India’s Brides.
There will continue to be volatility as Gold bugs are a bit skittish buying into this correction. The year is quickly coming to an end and many Gold traders may be content to bank this years profit and start fresh next year.

REPORTS: 12/10
EXPORT SALES………….7:30 am (CST)
JOBLESS CLAIMS……….7:30 am (CST)
U.S TRADE BALANCE…..7:30 am (CST)

My Swing Numbers For 12/10….February Gold

RESISTANCE # 2…………..$1146.00
RESISTANCE # 1…………..$1133.00
PIVOT………………………..$1127.00
SUPPORT # 1………………$1114.00
SUPPORT # 2……………...$1108.00

Mike Daly / Gold Specialist