Today’s Gold trade took us on a very wild ride. Gold Settles $3.60 Higher… ($1004.30)….. The day trading session opened almost $7.00 lower prior to the unemployment report.($995.50). Most traders felt the number was going to be bearish or worse than expected .U.S Employers CUT 263,000 JOBS in September…This definitely “BOOSTED FEARS” that this very weak labor environment could undermine the economic recovery. This report took the Crude Oil below $70.00 per barrel, Stock futures plunged, and Gold tanked another $5.00 and was trading at $990.00. but once again the $900.00 level proved to be a very strong SUPPORT level and I believe gave the Gold Bug bargain hunters another opportunity to get long. Within minutes (it seemed) we had rallied up $18.80 to make new HIGH’S ($1008.80).This could have been a very dark day for Gold Bugs had we taken out the $988.00 – 985.00 SUPPORT level… (look out below)….
It appears the U.S Dollar can not stand prosperity!!!
Despite these poor numbers…The demand for Gold is prevalent especially at cheaper prices… (BUYING DIPS) started a torrid buying spree…and closed the December contract over $1000.00
*EDUCATION and HEALTH services added a mere 3,000 jobs, While government employment fell 53,000…
The RESILIENCY and demand towards GOLD are still in tact.
I bought the December 1040/1060 BULL CALL…(paid 5)
The following are my swing numbers for 10/05/09
(DECEMBER GOLD) ($18.10 RANGE TODAY)
Resistance # 2………………..$1019.00
Resistance #1…………………$1012.00
PIVOT………………………….$1001.00
Support #1…………………….$994.00
Support #2…………………….$983.00
Mike Daly / Gold Specialist
PFG BEST
877-294-4669
312-775-3014
*THERE IS EXTREME RISK TRADING FUTURES,OPTIONS,AND FOREX*