Gold to Dominate Currency

Gold Closes $21.90 Higher Today…. ($1039.70)
Today’s Gold session traded all-time High’s. Once again a very weak U.S. Dollar and Inflationary expectations fueled a mammoth rally in the Gold today. It started with the Australian Central Bank raised rates more than expected.The Australian Dollar jumped to a 14 month high. Gold futures climbed to $1044.70 (day session) While the U.S Dollar dropped 0.6 % against a basket of 6 currencies. Gold is becoming the “DOMINATE” world currency. The continued U.S Dollar weakness has investors concerned this will accelerate pending inflation. Also remember we are now in “VIRGIN” territory……
The following are my swing numbers for 10/07/09
(DECEMBER GOLD)
RESISTANCE #2……………………$1053.00
RESISTANCE #1……………………$1046.00
PIVOT…………………………………$1038.00
SUPPORT # 1……………………….$1031.00
SUPPORT # 2……………………….$1023.00
Mike Daly /Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-775-3014
* THERE IS EXTREME RISK TRADING FUTURES,OPTIONS,and FOREX*