The Gold market rebounded today as a weaker U.S Dollar was pressured by reports that Federal Reserve Chairman Ben Bernanke should be reconfirmed for another 4 year term. There were also indications of a stronger demand for physical Gold in the Asian sector.
The Gold market traded in a very tight range today as many traders were sidelined due to the uncertainty of the upcoming 2 day FOMC meetings. (Tuesday & Wednesday)
China has just surpassed Japan to become the world's second largest consumer of diamonds. De Beers , the largest diamond producer in the world , expects China to surpass the U.S to become the largest consumer by 2020. Many Chinese couples are buying diamonds and placing them in GOLD settings for their "wedding ceremonies".
REPOERTS: 1 / 26
Consumer Confidence.......9:00 am (CST)
FOMC MEETING ******
SWING NUMBERS 1 / 26 FEBRUARY GOLD
RESISTANCE # 2.............$1109.00
RESISTANCE # 1.............$1102.00
PIVOT............................$1097.00
SUPPORT # 1................. $1090.00
SUPPORT # 2..................$1085.00
Mike Daly is a gold specialist for PFG BEST: mdaly@pfgbest.com.
