by Mike Daly
Daly Blog Report 11/20
11/20/2009
Today’s Comex Gold Settled $4.90 Cents Higher…($1146.80)
Despite a stronger U.S Dollar today the Gold traders made a
late session push and closing over my 1st Resistance level.
I believe this is simple speculation that the U.S Dollar will fall back.
Globex continued to rally after the (Comex) day session closed.
Remember the all-time high is recorded from the Globex… ($1153.40)…
There are some key economic reports to be released Tuesday 11/24
including CPI and GDP. Many investors feel the Dollar may decline
off one if not both reports. Jewelers in India have raised their bid
to re-enter up around the $1125.00 level (not as substantial as the
$1050.00 level) showing their eagerness to satisfy the largest
consumers of Gold in the world. These past few months in the
precious metals have seen speculation of epic proportions and
shows little signs of slowing……
REPORTS: NEXT TUESDAY 11/24****
GDP…………7:30 am (CST)
CPI…………..9:00 am (CST)
My swing numbers for Monday 11/23… (DECEMBER GOLD)
RESISTANCE # 2……………….$1154.00
RESISTANCE # 1 ………………$1149.00
PIVOT……………………………..$1143.50
SUPPORT # 1……………………$1139.00
SUPPORT # 2……………………$1132.00
I WILL MOVE TO FEBRUARY AFTER MONDAY *****
Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-775-3014
312-563-8029
*There is Extreme risk trading futures,options, and forex*
Mike Daly
PFGBEST Broker
(312) 775-3014
mdaly@pfgbest.com
Daly Gold Blog 11/19
11/19/2009
Gold Blog Report 11/19/09
Gold Settled .70 Cents Higher Today… ($1141.90)
Today’s Comex day session continued the choppy
and volatile trend as early U.S Dollar strength sent
the Gold market to the $1132.50 level. However the
continued resiliency of the gold market due to high
world demand as an alternative to the weak Dollar.
Jewelry consumption is down due the all-time high
price of the yellow metal but speculative and hedge fund
investors are fueling this insatiable appetite for Gold
as a “safe haven” or “hard asset” alternative.
Jobless claims remained unchanged from last week...
The following are my swing numbers for 11/20
(DECEMBER GOLD)
RESISTANCE # 2………………$1150.00
RESISTANCE #1……………….$1146.00
PIVOT ……………………………$1139.00
SUPPORT #1……………………$1135.00
SUPPORT #2……………………$1128.00
Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-775-3014
312-563-8029
*There is Extreme risk trading futures,options, and forex*
Mike Daly
PFGBEST Broker
(312) 775-3014
mdaly@pfgbest.com
Golden Heights / Weekly
11/19/2009
Golden Heights
This week in Gold has provided yet another
all-time high (Globex $1153.40) as the U.S Dollar
continues to have difficulties sustaining or maintaining
any momentum. The Dollars performance versus the Euro,
poor economic reports and the worlds move into hard assets
have helped to fuel this mammoth Gold and Silver rally.
The CPI prices increased 0.3% for October.
This translates to a higher cost of living for Americans.
Higher fuel prices led the way.
Federal Reserve Chairman Ben Bernanke stated (11/16)
“The focus on Fed’s dual mandate of price stability and
Jobs growth will help the U.S Dollar to be strong”.
Freddie Mac reported “U.S fixed mortgage rates fell to
near record lows” last week. The government tax credit for first
time buyers are set to expire November 30.
U.S Jobless Claims: The Labor Department Reported:
The number of U.S workers filing new applications for
Jobless insurance was…UNCHANGED….
United States foreclosures and mortgage delinquencies
Rose again in the third fiscal quarter…
As always the closer you get to option expiration the volatility will increase.
However the real volatility is being caused by the price of Gold!
We are seemingly notching new highs on a regular basis and extremely
over-bought and in severe need of a correction.
It appears to me that at the first signs of U.S Dollar strengths the gold bugs
are taking profits in fear of an avalanche sell-off …
But as long as economic news and a weak Dollar persist the
Gold should continue to climb…
The Gold world is getting savvy…(in recent days)
Investors are holding on to their longs longer and showing less
panic off of U.S Dollar related good news ….
They are beginning to see the U.S dollar as the world’s punching bag…
The $ has not been able to sustain or maintain any rally momentum….
Until proven wrong expect this trend to continue….
The silver market is certainly benefiting from the Gold rally
Silver is trading over $18.30 as of this writing. Many Silver
analysts are predicting plenty of upside potential ...especially
with the price of gold …silver may be the alternative of gift givers
this Holiday season…
After India’s Central Bank purchased 200 metric tons
last month (paying discounted price of $1040 per oz.)
they may have created a support level floor…
it has been reported that the jewelers of India are placing
orders to purchase large amounts of bullion between the
$1040.00 and $1060.00 levels in hopes of a dip in the
price of Gold……..
Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-775-3014
312-563-8029
****There is Extreme risk in trading futures,options,and forex****
Mike Daly
PFGBEST Broker
(312) 775-3014
mdaly@pfgbest.com
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.
