Gold Closes $9.60 HIGHER Today… ($1006.40) Gold rallied to its highest level since March of 2008. This session concluded the 4th straight week Gold has advanced. There are many reasons for this latest surge in Gold such as Extreme weakness in the U.S. Dollar versus the Euro, higher Energy prices as of late, and the recent Geo-political tensions on the Israeli and Lebanese border (rocket exchange) just to name a few.
The tremendous demand for Silver both as a precious metal and an industrial metal has been over whelming as demand is exceeding supply…Thus December Silver traded as high as $1701.5.
The U. S Dollar is basically going down in anticipation of upcoming inflation. These inflationary fears are sending investors running for “SAFER HAVENS”. Precious Metals fits this bill.
THE FOLLOWING ARE MY SWING NUMBERS FOR MONDAY 8/14/2009
2ND RESISTANCE………………$1015.00
1ST RESISTANCE………………$1010.00
PIVOT…………………………….$1007.00
1ST RESISTANCE………………$1002.00
2ND RESISTANCE………………$999.00
Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-775-3014
**THERE IS EXTREME RISK TRADING FUTURES,OPTIONS.AND FOREX**
Comments are closed.