With the help of a weaker U.S Dollar and higher Crude Oil prices the very thin and choppy Gold market regained some momentum and closed $3.10 higher. The Gold rallied over night off of bargain hunters buyers from the Asian sector.
The Chinese have also helped the Gold market by suggesting they will increase their seasonal demand. Also with the increased Geo-political tensions in the Middle-east (1) Yemen … (Al-Qaeda cell) attempt to blow-up an American plane… , (2) Iran …. Anti-Government protesters…. , (3) and the ongoing border tension between Iraq and Iran over disputed territories just to name a few may be prompting Middle -east investors to buy Gold as a safe haven investment against the uncertainty in the region….
Reports: 12/29
Consumer Confidence………..9:00 am (CST)
My Swing Numbers 12/19….February Gold….
RESISTANCE # 2…………..$1120.00
RESISTANCE # 1…………..$1114.00
PIVOT………………………..$1108.00
SUPPORT # 1………………$1102.00
SUPPORT # 2………………$1088.00
Mike Daly is a gold specialist for PFG BEST: http://www.pfgbest.com.
