The Daily Report
October 10th, 2011
Today’s Gold Session Settled $35.00 Higher… ($1670.80)
Today’s Columbus Day Holiday trade produced a
$36.80 range on very light volume. Today’s rally was
fueled by a weaker U.S Dollar as reports indicate that
German Chancellor Merkel and French President Sarkozy
have pledged to recapitalize Europe’s banks and will have
a plan in place within three weeks. Hopefully this action will
produce some stability in the European Union.
The strong demand from China and India for physical Gold
has also helped rally the price of Gold.
Higher Crude oil prices have also helped the rise in Gold
as normally the two markets trade inversely.
Today’s light holiday volume may have hindered today’s
rally momentum as volume was about 1/3 of the recent
average volume….
DECEMBER SILVER TRADED AS HIGH AS $32.36 PER OUNCE.
MY SWING NUMBERS for 10/11
DECEMBER GOLD
RESISTANCE # 2……………$1697.00
RESISTANCE # 1……………$1684.00
PIVOT …………………………$1662.00
SUPPORT # 1……………….$1647.00
SUPPORT # 2……………….$1625.00
VOLUME……………………..77,000
October 4th, 2011
Gold Settles $50.30 Lower… ($1616.00)
Today December Gold Futures traded another
choppy, volatile and vast $68.50 range.
December Gold traded as high as $1681.50 early
in the overnight session as it looked like Asian
investors were buying bullion and choosing Gold
as their “safe haven” choice as news from the
European Union still remains sketchy and fragile.
The recent Gold sell-off has spooked the Gold bugs
causing them to exit / liquidate long positions sooner
in order to take profits or minimize losses …..
FOMC Chairman Ben Bernanke appeared in front
of the JEC (Joint Economic Committee) for a Q&A…
“THE FED IS PREPARED TO TAKE FURTHER ACTION
AS APPROPRIATE” “RECOVERY FROM CRISIS IS MUCH
LESS ROBUST THAN HOPED” “SLUGGISH JOB GROWTH”
“EUROPEAN UNION CRISIS WILL POSE RISKS TO THE
GROWTH OF THE UNITED STATES ECONOMY”…..
My question ? What is the solution ? We have heard
all of this before ! Reports earlier from Saudi Arabia
claimed there was rioting in eastern sector of the country
resulting in fourteen people shot…..
MY SWING NUMBERS 10/5
DECEMBER GOLD
RESISTANCE # 2………………..$1706.00
RESISTANCE # 1………………..$1661.00
PIVOT ………………………………$1637.00
SUPPORT # 1…………………….$1592.00
SUPPORT # 2…………………….$1568.00
VOLUME …………………………..166,000
DECEMBER SILVER
RESISTANCE # 2………………..$32.18
RESISTANCE # 1………………..$31.00
PIVOT ……………………………… $30.18
SUPPORT # 1…………………….$29.02
SUPPORT # 2…………………….$28.18
VOLUME ………………………….42,000
October 3rd, 2011
Gold Settles $35.40 Higher… ($1657.70)
Today’s December Gold Futures contract traded
another vast range as traders and investors look
to be re-entering the precious metals markets.
During the month of September December Gold
Traded an all-time high ($1923.70) on sixth of the
Month and a low of $1535.00 just twenty days later
on the twenty sixth. That is $388.70 range for the
month. September 30th was the last trading session
for the 3rd quarter. It is my opinion that fund managers
sold (profit taking)much of their long Gold positions in
order to offset losses in their “Stock Market” positions
as September was a brutal month for the world’s
equity markets. As October signals the start of the 4th
quarter I believe investors are choosing Gold as their “safe haven” investment choice. After all nothing has
changed since September the sixth. In fact the
European Union financial fragility has heightened.
The recent market correction has probably increased
the desire to own precious metals seeing these lower
prices as an opportunity as a “bargain buy opportunity”.
Time will tell !
MY SWING NUMBERS FOR 9/4
DECEMBER GOLD
RESISTANCE # 2……………….$1695.00
RESISTANCE # 1……………….$1676.00
PIVOT …………………………….$1648.00
SUPPORT # 1……………………$1629.00
SUPPORT # 2……………………$1601.00
VOLUME ………………………..117,000
DECEMBER SILVER
RESISTANCE # 2……………….$32.39
RESISTANCE # 1……………….$31.59
PIVOT ……………………………..$30.63
SUPPORT # 1……………………$29.83
SUPPORT # 2……………………$28.87
VOLUME …………………………35,000
September 8th, 2011
Gold Settles $39.90 Higher … ($1857.50)
Another choppy , volatile , and huge ($52.50) range
as traders and investors alike await President Obama’s
television address to the nation tonight.
The volatility of the precious metals is suggesting that the global investor is uncertain and less than confident in the
world’s economic climate and therefore choosing Gold and
Silver as their “safe haven “ alternative investment.
There has been bargain buying opportunities off these recent
price dips and it appears the Asian sector (primarily India)
has been purchasing bullion on these dips.
As we Gold bugs are aware we are in the early stages of the festival
and wedding season in India…The demand for the precious metals
during this season is almost insatiable. Causing the jewelers of India
to stock and re-stock their shelves in order to meet the demand.
The weekly report on Initial Jobless Claim was 414,000…
This was projected to be 405,000 ….
European Central Bank Chief Jean-Claude Trichet was quoted
As saying “ DOWNSIDE RISKS TO THE EURO HAVE INTENSIFIED”
and “UNCERTAINTY IS PARTICULARLY HIGH “………
FOMC Chairman Ben Bernanke during a speech in Minnesota
Reflected concern over the diminishing confidence from consumers
And added that the FOMC will do whatever it deems necessary to
get the jobs and housing sector on track….
He also remained committed to retaining low interest rates
For the next two years………
PRESIDENT OBAMA WILL SPEAK AT 6PM CDT……….
MY SWING NUMBERS 9/9
DECEMBER GOLD
RESISTANCE # 2……………………….$1900.00
RESISTANCE # 1……………………….$1878.00
PIVOT…………………………………… $1847.00
SUPPORT # 1…………………………..$1826.00
SUPPORT # 2…………………………..$1795.00
VOLUME…………………………………..200,000
DECEMBER SILVER
RESISTANCE # 2………………………..$43.64
RESISTANCE # 1………………………..$43.08
PIVOT ………………………………………$42.18
SUPPORT # 1…………………………….$41.64
SUPPORT # 2…………………………….$40.72
VOLUME………………………………….31,000
Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
312-563-8029
877-294-4669
September 7th, 2011
Gold Settles $4.50 Higher… ($1881.40)
ANOTHER ALL-TIME HIGH TODAY as the December Gold
Futures contract traded as high as $1923.70 in the over night
trading session before an avalanche midsession sell-off taking
the market as low as $1861.80….Today’s Gold market traded a
$61.50 range. TRULY AMAZING !!! Today’s market conditions were
due to the onslaught of world news and speculation…..
The ongoing global uncertainty has helped Gold and Silver to
become the world’s “safe haven” choice…
The continued fragility in the European Union has investors
scrambling for markets that offer a flight to quality…..
The German Finance Minister Wolfgang Schaeuble during a
speech to Parliament warned against continued market turbulence
and called on other countries to “follow Germany’s lead in debt reduction”…
He also added that there would be NO more emergency aid to Greece
If the nation does not receive a positive result from the IMF and ECB inspectors.
The market also reacted to the currency invention rumors ..all session long.
Obviously the global investors are concerned with recession on both
side of the Atlantic….Also concerns about the HIGH /HISTORIC inflation
in China….And the question that is being asked in Libya is “WHERE IS
MUAMMAR GADDAFI HIDING ? It appears the NTC. Libya’s National Transitional
Council has made finding the fugitive leader their number one priority….
Libya produces 2% of the world’s Crude Oil and has not been producing any since
the civil war in Libya began………………
The President of the United States will address the Nation …Thursday evening
concerning the unemployment situation….
December Silver closed at $42.25 per ounce for the session……
MY SWING NUMBER 9/7
DECEMBER GOLD
RESISTANCE # 2……………..$1951.00
RESISTANCE # 1……………..$1916.00
PIVOT……………………………$1889.00
SUPPORT # 1…………………$1854.00
SUPPORT # 2………………...$1827.00
VOLOUME………………………380,0000
DECEMBER SILVER
RESISTANCE # 2……………..$44.27
RESISTANCE # 1……………..$43.26
PIVOT……………………………$42.43
SUPPORT # 1…………………$41.42
SUPPORT # 2…………………$41.16
VOLUME…………………………60,000
Mike Daly / Gold Specialist
PFG BREST
mdaly@pfgbest.com
312-563-8029
877-294-4669
September 2nd, 2011
Gold Settles At $1876.90 For The Week ……
This week the December Gold Futures contract
covered a 4106.50 range, trading as low as $1778.10
Monday and as high as $1884.60 during Friday’s session.
Traders and investors are convinced that little has changed
in regards to the global economy and have apparently chosen
Gold and Silver as their “safe haven” alternative investment.
Last week’s price dip offered a “bargain hunting buying opportunity”.
That in my opinion was capitalized upon on by the jewelers of
India as they stock their shelves in preparation for their wedding
and festival season. During this September–November season the demand for both Gold and Silver is almost insatiable.
Many traders will be eyeing the upcoming September 8th television
speech from President Obama as he is scheduled to address the nation’s
high unemployment and the inability to get the economy moving!
News From the Week
Friday:
The August reading of the Unemployment rate is 9.1%
This was right on line with projected 9.1%.........
Thursday:
Today’s Initial Jobless number was virtually a non –event.
The weekly report on Initial Jobless Claims was 409,000.
This was projected to be 410,000. Traders and investors alike will
be looking toward president Obama’s television speech next
Thursday as he will address the nation’s unemployment woes
among other economic conditions. Hopefully this will reveal a
better outlook than recent Jackson Hole, Wyoming central bank
summit that certainly was a disappointment and revealed no
no apparent game plan…..
Wednesday:
Greek Parliament budget auditors reported that the debt
dynamics are out of control…..stating that the debt / GDP ratio is
unlikely to stabilize in 2012….This certainly is shedding doubt on
a fiscal mid-term plan…This sounds like more of the same from
the European Union.
MY SWING NUMBERS FOR 9/6
DECEMBER GOLD
RESISTANCE # 2……………..$1911.00
RESISTANCE # 1……………..$1899.00
PIVOT……………………………$1863.00
SUPPORT # 1…………………$1841.00
SUPPORT # 2…………………$1815.00
**EXCHANGE CLOSED MONDAY**
HAPPY LABOR DAY !!!!
Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
312-563-8029
877-294-4669
August 18th, 2011
Gold Settles $28.20 Higher… ($1822.00)
Today’s December Gold Futures contract notched
another All-time high trading as high as $1829.70.
The already technically overbought market continued
to rally off continued poor global economic data.
Today’s trade covered a very vast and volatile $42.90 range.
Traders used the continued fragility of the European Union’s
Banking system chaos to use Gold as their flight to safety choice.
Reports that the Federal Reserve of New York was concerned
that the European Union was not doing enough to subdue
the European debt crisis. Also this week news from the European Union’s
economy has hit a wall and adding to the global economic fears stating “The Gross Domestic Product for the 27 nations that use the EURO
Grew at a combined quarterly rate of 0.2%...It was the weakest
growth rate in two years….”…
Also adding to the buying frenzy was a release from the
U.S. Department of Labor stating that the Initial Jobless Claims
Rose by 9,000, to 408,000……
MY SWING NUMBERS 8/19
DECEMBER GOLD
RESISITANCE # 2……………….$1856.00
RESISTANCE # 1………………..$1839.00
PIVOT………………………………$1813.00
SUPPORT # 1……………………$1796.00
SUPPORT # 2……………………$1770.00
VOLUME ………………………….183,000
DECEMBER SILVER
RESISTANCE # 2…………………$41.47
RESISTANCE # 1…………………$41.06
PIVOT……………………………….$40.60
SUPPORT # 1…………………… $40.22
SUPPORT # 2…………………….$39.73
VOLUME……………………………15,000
Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-563-8029
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.
August 17th, 2011
Gold Settles $8.80 Higher… ($1793.80)
Today’s day session in December futures covered a
fairly mild $16.00 range as I believe traders may be waiting
on tomorrows (Thursday) economic data before putting
together their trading strategies. The market made another
late rally that is continuing into the extended session as I post.
The Gold is still very top heavy as we continue to trade at these
Uncharted levels. The underlying continues to be a vast demand to
own physical bullion. As we get closer to September and the start
of India’s Wedding and Festival season I expect more buying from
the Jewelers of India in order to meet the insatiable demand.
Silver finished the day session up 53 cents and settling at $40.37.8…
ECONOMIC DATA 8/18
| CPI |
7:30 AM CST |
| EXPORT SALES |
7:30 AM CST |
| INITIAL JOBLESS CLAIMS |
7:30 AM CST |
| REAL EARNINGS |
7:30 AM CST |
| EXISTING HOME SALES |
9:00 AM CST |
MY SWING NUMBERS 8/18
DECEMBER GOLD
RESISTANCE # 2…………………….$1807.00
RESISTANCE # 1…………………….$1800.00
PIVOT…………………………………..$1791.00
SUPPORT # 1……………….………...$1784.00
SUPPORT # 2……………….………...$1775.00
VOLUME………………………………..115,000
DECEMBER SILVER
RESISTANCE # 2…………………….$41.09
RESISTANCE # 1…………………….$40.73
PIVOT…………………………………..$40.29
SUPPORT # 1…………………………$39.94
SUPPORT # 2…………………………$39.51
VOLUME……………………………… 14,000
Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
312-563-8029
877-294-4669