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 $21.80 range as the escalation of violence in Libya as well as spreading unrest in the Middle- east has both traders and investors alike “bullish” the precious metals and savvier investors alternative “safe haven” choice. Demonstrations are spreading throughout these regions and in my opinion as long as these tensions remain the precious metals should retain support through worries of Crude oil disruptions in the region. Higher Crude oil prices are inflationary and inflation is “bullish” for the precious metals. April Gold traded as high as $1431.60, just $2 off the April contracts all-time HIGHS. May Silver traded as high as $34.57 another 30+ year high; it certainly appears to this Gold trader that during the past three years the investor IQ has been raised as they have learned that during times of chaos, Gold and Silver historically retain their value better than most commodities.
MY SWING NUMBERS FOR 3/2
APRIL GOLD
RESISTANCE # 2………………….$1445.00
RESISTANCE # 1………………….$1438.00
PIVOT………………………………..$1424.00
SUPPORT # 1……………………..$1417.00
SUPPORT # 2……………………..$1402.00
VOLUME…………………………….131,000
MAY SILVER
RESISTANCE # 1……………………$35.04
RESISTANCE # 2……………………$34.73
PIVOT………………………………….$34.26
SUPPORT # 1……………………….$33.95
SUPPORT # 2……………………….$33.48
VOLUME………………………………49,000
Mike Daly / Gold Specialist
PFG BEST
312-563-8029
877-294-4669
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.
