Imperial Metals extends mineralization at Mount Polley mine
Mineralization was extended over a 895-metre interval grading 0.26% copper and 0.32 g/t gold.
Today’s Gold session traded a very quiet $7.90 range. After notching new all-time Friday it appeared traders were a bit apprehensive and maybe taking some profits as they look forward to Thursday and Friday’s key economic data.
All eyes will be on Friday’s unemployment data…
These lofty price levels have traders uneasy to hold positions as we are in unchartered territory…
The Volume was 70,000+ today…it’s down from the 90,000 plus it has been recording on a daily basis… this tells me the high price levels and lack of bullish data have some gold bugs sidelined……
The physical demand has eased a bit from India as these all-time high prices are forcing jewelers to be more patient. The underlying demand is still enormous and it will be evident if we see a price dip. This Asian demand should remain prevalent through the November 5th “DIWALI FESTIVAL”…….
There are reports that China has agreed to purchase some Greek debt and have shown a wiliness to support the Euro region.
My Swing Numbers / 10/5 … DECEMBER GOLD
RESISTANCE # 2…………$1325.00
RESISTANCE # 1…………$1321.00
PIVOT …………………….$1317.00
SUPPORT # 1……………..$1313.00
SUPPORT # 2……………..$1309.00
Mike Daly / Gold Specialist
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