Today's Gold Trading Session Settles .80 Cents Lower... ($1123.00)

By @ibtimes on

Today's Comex day session traded in a choppy, low volume, and $9.80 range. I believe many active traders were sidelined today in respect to the FOMC meeting. The last few weeks have produced some mammoth ranges and have tested the resiliency of both the Gold market and the Gold Bugs who trade it. This has been a great year to be a Gold Bug ...On January 15th, 2009 we were Trading as low as $810.00 and as high as $1226.40 on December 3rd 2009. It certainly has been quite a ride thus far. I truly believe the recent $100.00 plus sell-off has liquidated many positions and has moved the Gold market into an early Holiday market mode. With the FOMC meeting for the last (scheduled) time this year I believe many Gold traders are willing to call it a year and avoid any further volatility as we approach the seasonally slow Holiday markets. The Gold market will certainly continue to reflect the disposition of the U.S. Dollar however, I believe there will similar volatility with much less volume especially off economic reports.

REPORTS: 12/16

FOMC MEETING......

CPI......................................7:30 am (CST)
REAL EARNINGS.....................7:30 am (CST)
HOUSING STARTS (permits)....7:30 AM (CST)
My swing numbers for 12/16....February GOLD

RESISTANCE # 2...........$1133.00
RESISTANCE # 1...........$1128.00
PIVOT..........................$1123.00
SUPPORT # 1 ...............$1118.00
SUPPORT # 2...............$1113.00

Mike Daly / Gold Specialist

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