Despite a stronger U.S Dollar, today's Gold market staged a very strong rally after Friday's sell-off. This is attributed to the strong Asian sector bargain buying. India jewelry fabricators have been active.
There is also been technical buying from investors and speculators as the Gold market has shown good support ($1120.00) and resiliency.
The European finance Ministers are scheduled to meet today to discuss Greece 's budget deficit. Last month Greece 's Credit rating was cut. Traders are very concerned over the situation in Greece and I believe is forcing some speculative interest in the Gold market as a safe haven.
REPORTS: 1/20
Housing Starts & Permits.............7:30 am (CST)
My swing numbers for 1/20.....February Gold
RESISTANCE # 2.......$1146.00
RESISTANCE # 1.......$1142.00
PIVOT......................$1136.00
SUPPORT # 1............$1132.00
SUPPORT # 2............$1126.00
Mike Daly is a gold specialist for PFG BEST: mdaly@pfgbest.com.
