Today’s Gold Session Settles $12.50 Lower… ($1130.50)
Gold prices dropped today as the U.S Dollar reversed yesterdays losses versus the Euro. Gold also was pressured as a result of CFTC Chairman Gary Gensler’s intentions “to discuss possible position limits on gold and silver contracts at a March meeting.
The U.S Consumers Confidence rose less than expected (0.1 %) in January. This is certainly not a surprise as our U.S jobless claims are on the rise again. The CPI number indicates the economy is growing. However the average consumer is worried about job losses, high unemployment, and the high foreclosure rate.
JP Morgan Chase & Co. reported a fourth Quarter loss in its retail Banks, (1.6%)…
This started the Stock Market sell-off and also added fuel to the Gold markets decline.
Their has still been strong physical demand In Asia as lower prices have ignited buying
interest from Jewelers in India who are busy taking orders from customers in Dubai.
The Gold market has certainly come under fire this week…(1) central bank of China raised Its rates .50 basis points… (2) The CFTC is considering position limits for gold… (3) JP Morgan’s fourth quarter loss….And yet we are still trading around the $1130.00 level. VERY RESILIENT ….
MONDAY IS A HOLIDAY… IN OBSERVANCE FOR MARTIN LUTHER KING JR.
My SWING numbers for 1/19 Tuesday…February
RESISTANCE # 2……….$1150.00
RESISTANCE # 1……….$1140.00
PIVOT…………………….$1133.00
SUPPORT # 1……………$1124.00
SUPPORT # 2……………$1116.00
Mike Daly / Gold specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-775-3014
312-563-8029
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