Today’s Gold Session Closed $13.60 Lower… ($1042.80) The (Comex) Gold day session traded in a very volatile and choppy $15.50 range today as early gains were erased due the U.S Dollar rally. The December futures contract was trading as high as $1058.00 per ounce as the U.S Dollar was making new 14 month lows versus the Euro.
Reports also came from Beijing (China) stating it should increase its holdings of Euros and Yen certainly contributed to a weak Dollar early. However, the late selling of financial stocks started the slide in the Dow Jones beneath the 1000 psychological level, the sell-off in the Crude Oil, and very strong Dollar rally to name a few sent the Gold market negative and settling on its lows. ($1042.80) This is a sure sign of an over- bought market accompanied by a nervous trading community.
it appears at the slightest lack of momentum the Gold traders head for profits and opportunities to re-enter at cheaper prices.Despite the surprising and sudden Dollar strength today do not expect the International investment community to change their strategies unless there is a change in the U.S Administrations policies.
Reports 10/27/09
Consumer confidence……….9:00 am (CST)…
The following are my swing numbers for 10/27
(DECEMBER GOLD)
RESISTANCE #2……………$1063.00
RESISTANCE #1……………$1054.00
PIVOT…………………………$1048.00
SUPPORT #1………………..$1038.00
SUPPORT #2………………..$1033.00
Mike Daly / Gold Specialist
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mdaly@pfgbest.com
877-294-4669
312-775-3014
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*There is EXTREME risk trading futures,options,and forex