Today's Gold trade was fueled by over night buying from both India and China despite news the FOMC might consider raising U.S Interest rates if Friday's Unemployment report is better than expected. Raising rates would give the U.S Dollar added strength and put pressure on the gold. However the Asian Sector has continued to buy Gold as their apparent insatiable appetite for the yellow metal persists.The FOMC's hint of a possible rate hike may also lessen Inflationary fears. I believe the FOMC will not raise rates soon since the latest pending home sale numbers were down16% and virtually gave back the summers advances in the housing sector despite the tax credit extension.

The Gold market also rallied despite news from the EU stating they would not bail-out Greece concerning their credit rating and debt status.  The lowering of Greece's credit status has been very negative for the gold market...

REPORTS: 1/ 7

EXPORT SALES .................7:30 am (CST)
JOBLESS CLAIMS............... 7:30 am (CST)

My swing numbers 1/7 February Gold....

RESISTANCE # 2.........$1152.00
RESISTANCE # 1.........$1143.00
PIVOT........................$1130.00
SUPPORT # 1..............$1122.00
SUPPORT #  2.............$1108.00

Mike Daly / Gold Specialist

PFG BEST