Gold Settles At $1876.90 For The Week ......
This week the December Gold Futures contract Covered a 4106.50 range trading as low as $1778.10 Monday and as high as $1884.60 during Friday's session. Traders and investors are convinced that little has changed in regards to the global economy and have apparently chosen Gold and Silver as their safe haven alternative investment.
Last week's price dip offered a bargain hunting buying opportunity That in my opinion was capitalized upon on by the jewelers of India as they stock their shelves in preparation for their wedding and festival season. During this September -November season the demand for both Gold and Silver is almost insatiable. Many traders will be eyeing the upcoming September 8th television Speech from President Obama as he is scheduled to address the nation's high unemployment and the inability to get the economy moving!
News From the Week:
The August reading of the Unemployment rate is 9.1% This was right on line with projected 9.1%.........
Today's Initial Jobless number was virtually a non -event. The weekly report on Initial Jobless Claims was 409,000. This was projected to be 410,000. Traders and investors alike will be looking toward president Obama's television speech next Thursday as he will address the nation's Unemployment woes among other economic conditions. Hopefully this will reveal a better outlook than recent Jackson Hole, Wyoming central bank summit that certainly was a disappointment and revealed no no apparent game plan.....
Greek Parliament budget auditors reported that the debt dynamics are out of control.....stating that the debt / GDP ratio is unlikely to stabilize in 2012....This certainly is shedding doubt on a fiscal mid-term plan...This sounds like more of the same from the European Union.
MY SWING NUMBERS FOR 9/6
RESISTANCE # 2.................$1911.00
RESISTANCE # 1.................$1899.00
SUPPORT # 1.....................$1841.00
SUPPORT # 2.....................$1815.00
**EXCHANGE CLOSED MONDAY**
HAPPY LABOR DAY !!!!
Mike Daly / Gold Specialist
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