Video: West Red Lake Gold works to restart Madsen mine
The company is optimistic about the potential of its Red Lake assets in the storied gold district of northern Ontario.
Today’s Gold session covered a choppy $16.90 range as traders wait tomorrows FOMC minutes. I believe traders and investors alike are looking at Gold as a safer haven investment as the European Union’s debt crisis continues to be a drag on the Euro.
The Euro remained under siege as Ireland would be rescued by European Union as well as the IMF (International Monetary Fund)…. The Fragility and the uncertainty of the Euro region remain prevalent… This fragility has caused savvier investments to use their Euro’s to buy gold and silver to protect their wealth… Also I believe many investors and traders anticipated news of another interest rate hike from the Peoples Bank of China and when this did not happen I feel investors would rather be LONG than SHORT the gold considering the global economic state…..
The Wedding season buying from India has remained steady and this trend should continue through December….. Silver certainly benefited from the Gold rally as the December Globex contract closed up $28.20…….
Remember this is a short week…
THANKSGIVING Thursday 11/25
REPORTS 11/23…..
GDP………………………………7:30 am (CST)
EXISTING HOME SALES……9:00 am (CST)
MY SWING NUMBERS FOR 11/23 December Gold
RESISTANCE # 2…………..$1374.00
RESISTANCE # 1…………..$1366.00
PIVOT ………………………..$1357.00
SUPPORT # 1……………….$1349.00
SUPPORT # 2……………….$1340.00
MY SWING NUMBERS FOR 11/23 December Silver
RESISTANCE # 2…………..$28.29
RESISTANCE # 1…………..$27.87
PIVOT…………………………$27.47
SUPPORT # 1……………….$27.04
SUPPORT # 2……………….$26.65
MIKE DALY / GOLD Specialist
PFG BEST
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.
