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
HIGH…$1424.40
LOW….$1352.70
WEEKLY SILVER.(GLOBEX) MARCH
HIGH…$31.27.5 LOW….$28.32.5
MY SWING NUMBERS 1/10
FEBRUARY GOLD
RESISTANCE # 2….$1395.00 RESISTANCE # 1….$1385.00 PIVOT….$1369.00
SUPPORT # 1…$1355.00 SUPPORT # 2….$1343.00
MARCH SILVER
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)
Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
312-563-8029
877-294-4669
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Comments are closed.