Daly Gold Report

Today’s Gold Session Settled $22.00 Lower… ($1129.40)
Today’s Gold trade could not maintain early gains as world economic data pressured the
allure to the “precious metals”. China unexpectedly raised Reserve Interest Rates (50 Basis points) starting January 18th. This move by the central bank of China is in
accordance to their commitment to slow down rising inflation as well as tightening their monetary liquidity. Today’s action by the China Central Bank created a late session sell-off in the Gold market resulting in a $22.00 Lower session. The trading range for Comex Gold today had a range of $23.60 consisting of a High of $1152.30 and a Low of $1128.70. This is kind of a ‘win”-“win” situation for China because their action today sent the price of gold lower and as they are seeking to build their bullion reserves the raising of rates makes Gold more affordable.
Early in the session we received data revealing India’s gold volume under ETF’s (Exchange traded Funds) rose 55 percent on the year. The seasonal The recent bullion buying surge from India is attributed retail customers and jewelers for festivals like “Makar Sankranti” which is certainly one of the auspicious occasions for Hindus (a Harvest festival) in which the sharing of gifts is tradition… (Gold is the gift of choice) as well as the last days of the ‘wedding season”. **Makar Sankranti begins January 14…**
My Swing Numbers 1/13 ….February Gold
Resistance # 2…………$1171.00
Resistance # 1…………$1150.00
Pivot……………………..$1137.00
Support # 1……………..$1116.00
Support # 2……………..$1103.00
Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
312-775-3014
877-294-4669
312-563-8029
** There is extreme risk trading futures,options,and forex” **