Gold Settles The Week At $1368.90
The first week of 2011 produced a very choppy and volatile $71.70 range as traders and investors tried to decipher this week’s economic data. I believe this trend will continue as traders will be forced to take profits as the gold and Silver markets continue to trade in overbought territory. However, there is very little that has changed in regards to the world-wide economy. It is my belief that savvier investors continue to lack confidence in the fiat currencies and in my opinion will still choose Gold and Silver as safe haven to protect their wealth. It will be very interesting to see if the Asian sector will see this recent price dip as another opportunity to buy Gold at a “bargain price”
Despite some good unemployment data this week it is certainly apparent that the United States still has a long way to go on our way to recovery. The two biggest drags on the U.S economy are HIGH unemployment and a depressed housing sector. And FOMC Bren Bernanke echoed those sentiments today as he testified in front of The Senate Budget Panel…..(Newswire headlines from Bernanke’s testimony)… *Bernanke said it may take 4-5 years for jobs market to normalize…. *2011 recovery likely to be moderately stronger……. *Persistent high unemployment could threaten recovery….. *housing sector remains depressed….. *Failing to curb deficits could lead to higher rates.
WEEKLY GOLD (GLOBEX) FEBRUARY
WEEKLY SILVER.(GLOBEX) MARCH
MY SWING NUMBERS 1/10
RESISTANCE # 2….$1395.00 RESISTANCE # 1….$1385.00 PIVOT….$1369.00
SUPPORT # 1…$1355.00 SUPPORT # 2….$1343.00
RESISTANCE # 2….$29.84 RESISTANCE # 1….$29.26 PIVOT….$28.79
SUPPORT # 1….$28.21 SUPPORT # 2….$27.75
(GLOBEX FEBRUARY GOLD VOLUME 209,000 Friday 1/7)
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