Today's Gold Session Settled $48.80 Lower... (1169.50)

  @ibtimes on December 04 2009 3:16 PM

Today's Gold trade sold off at a torrid pace as the U.S Dollar surged off the much better than expected jobs data. The Labor Department reported the U.S economy lost the fewest jobs since December 2007 and the unemployment report dropped from 10.2% to 10 %.This report injected the Dollar index to trade as high as 75.95.5...and in turn started an avalanche sell-off by taking out key support levels, touching off stop-loss orders and sending the Bulls home to lick their wounds. All markets correct and refresh .... And knowing the Gold bug mentality this epic sell-off is merely an opportunity to buy cheaper.... The U.S Dollar got a much needed shot in the arm today... The problem with the Dollar however, has been maintaining momentum. This certainly will not be the last sell-off or probably not even the largest the gold market will face in the future. After all the world demand for the the yellow metal is alive and well and there will always be corrections.

The Comex day session covered a range of $42.00 today.... HIGH...$1211.00 .........LOW...$1169.00......

We will test the resiliency of Gold once again....

RESISTANCE # 2.....................$1225.00 RESISTANCE # 1.....................$1197.00 PIVOT....................................$1183.00 SUPPORT # 1..........................$1155.00 SUPPORT # 2..........................$1141.00

Mike Daly / Gold Specialist

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