Today's Gold Session Settles $22.10 Higher... ($1118.30)

  @ibtimes on January 04 2010 8:29 PM

The Gold market rallied off a weaker U.S Dollar and a surge in buying demand from India initially. The U.S Dollar traded lower versus the 'basket of currencies primarily due to the Geo-political concerns with Yemen. The U.S and Britain closed their embassies in Yemen on Sunday in the face of Al-Qaida threats, after both countries announced an increase in aid to the government to fight the terror group linked to the failed attempt to bomb a U.S. airliner on Christmas. Any time there is a potential warring environment in an Oil producing nation there will be a flight to Gold as a safe haven hedge. The buying spree took out some short tern resistance levels between $1110.00 -$1120.00...Also the Dollar slipped below its pivotal level of 78.00...and this technical break-out touched off some stop-loss orders and helped to fuel the New Year rally................ Gold bugs must keep an eye on the Middle-east. ****

Reports:

Factory Orders........9:00 am (CST) My swing numbers for 1/5 February Gold

RESISTANCE # 2.................$1142.00 RESISTANCE # 1.................$1130.00 PIVOTAL ...........................$1112.00 SUPPORT # 1.....................$1100.00 SUPPORT # 2.....................$1082.00

Mike Daly / Gold Specialist PFG BEST

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