Today’s Gold Session Closed $20.60 Lower… ($1143.40)

For the third straight session the Gold market sold off due to the continued strength of the U.S Dollar. As of this posting the U.S Dollar is trading well above the pivotal 76.00 level. This recent strength was fueled by the much better than expected unemployment data last Friday. The U.S Dollar has continued strong despite FOMC Chairman Ben Bernanke’s confirmation to keep U.S interest rates low. The strength of the Dollar has kept the Gold market under pressure and has forced the Gold Bugs to take profits and look for opportunities to re-enter at lower prices.

President Obama says staggering job losses mean the United States must continue to “spend our way out of this recession” with a round of new insensitives for hiring. He also discussed the continuation of TARP
(Troubled Asset Relief Program) for America’s small businesses.

India’s Jewelers have orders to purchase Bullion around the $1125.00 level………..Their Wedding season extends through January….

REPORTS: 12/09
WHOLESALE TRADE…7:30 am (CST)

MY SWING NUMBERS FOR 12/09…FEBRUARY GOLD

RESISTANCE # 2…………….$1179.00
RESISTANCE # 1…………….$1160.00
PIVOT………………………….$1151.00
SUPPORT # 1………………...$1132.00
SUPPORT # 2………………...$1123.00

Mike Daly / Gold Specialist
PFG BEST