Today’s Gold Trade Closes $5.30 Higher… ($1126.20)

For the first time since December 3rd the Comex Gold settled higher. The U.S dollar over came early weakness and continues to trade around the pivotal 76.00 level. Despite the U.S Dollar late session rally and a lower Crude Oil prices the Gold market managed to close positive. Many investors have exited their long positions since last Fridays Unemployment Data and are content to sit the side-lines through year end. News out of Greece indicates the European Partners are exerting heavy pressure on Athens to take immediate action after its rating was cut to its worst in a decade. There are signs of a strengthening U.S Dollar and the appeal from speculative Gold investors has cooled temporarily. This is the time of year Investors unwind their positions prior to the Holiday Markets.

REPORTS: 12/11

RETAIL SALES……..7::00 am (CST)

My Swing Numbers 12/11….February Gold

RESISTANCE # 2………$1144.00
RESISTANCE # 1………$1134.00
PIVOT……………………$1128.00
SUPPORT # 1…………..$1118.00
SUPPORT # 2…………..$1112.00

Mike Daly / Gold Specialist

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