Daly Gold Blog

Today’s Gold trade settled $5.30 lower…
There was a very large trading range in the Globex over night trading session ($17.80) producing a High of $962.10 and low of $944.30.
The Gold market took a massive tumble due to $3.00 plus sell-off in the Crude Oil, a rise in the U.S Dollar index and China’s key stock index dropped 6.74% And a 3 month closing low.
News that Chinese (state owned) companies could default on commodity derivatives…certainly sets a poor precedent.
The lack of volume is certainly adding to the wicked volatility.
Hopefully we will be out of this summer /Holiday market 8/8…
REPORTS…TUESDAY 9/1
CONSTRUCTION SPENDING……….9 am (cst)
EXISTING HOME SALES…………….9 am (cst)
THE FOLLOWING ARE MY SWING NUMBERS FOR 9/1/09
(DECEMBER GOLD)
2ND RESISTANCE………..$973.00
1ST RESISTANCE………..$966.00
PIVOT………………………$955.00
1ST SUPPORT…………….$948.00
2ND SUPPORT…………….$937.00
Mike Daly /Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-775-3014