Investors Rush to Gold
Today's Gold Trade Settled $8.90 Higher... ($1057.50)
Gold rallied today off continued U.S Dollar versus The Euro, a stronger Energy sector, and reports of demand from India's Jewelers to fill demand for the upcoming Festival season. Despite HIGH prices the Traditional festival gift of choice is Gold.
On the Geo-political front it has been reported that Britain has ordered financial companies to cease doing business with two Iranian firms Bank Mellat and the Islamic Republic of Iran shipping lines, amid alleged nuclear links....
This Market is over-bought however, the Gold Market is the inflationary choice and until there Is steady support for the U.S Dollar...investors will continue to buy it.
The following are my swing numbers for 10/13/09
(DECEMBER GOLD)
RESISTANCE # 2...............$1067.00
RESISTANCE # 1...............$1062.00
PIVOT.............................. $1055.00
SUPPORT #1.....................$1050.00
SUPPORT # 2....................$1043.00
*There is extreme risk trading FUTURES,OPTIONS,and Forex*
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