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 provided another huge range ($39.50 on the Globex exchange) as the technically overbought Gold market experienced yet another avalanche sell-off. as nervous traders remained uncomfortable holding positions at these unchartered price levels and have been eager to take profits when the rally momentum shifts.
Once again it will be interesting to see if the Asian sector (primarily India) as they have been very active buyers after significant price dips. With the largest Hindu festivals still to come i expect the jewelers of India to remain active buyers through November 5th…..(DIWALI FESTIVAL)
Today’s Initial Jobless Claims totaled 452,000 this was better than the 455,000 claims that was expected…….
Gold bugs should be aware of a very important piece of news coming out of the Far East…It has been reported that the Governor of South Korea’s Central Bank Mr. Kim Choong-soo told a preliminary committee (Monday 10/18) that South Korea “needs to give careful consideration to the matter of increasing gold volumes in the foreign reserves”….This means they are contemplating a large accumulation of Gold… KEEP AN EYE ON THIS !
Price corrections are very healthy for markets…. It maintains the health of the market…offers a two sided trade…. Also it retains the volume, volatility, and integrity of the market….
MY SWING NUMBERS FOR 10/22…DECEMBER GOLD….
RESISTANCE # 2…………….$1370.00
RESISTANCE # 1…………….$1344.00
PIVOT ………………………….$1331,00
SUPPORT # 1…………………$1312.00
SUPPORT # 2…………………$1300.00
Mike Daly / Gold Specialist
PFG BEST
877-294-4669
312-563-8029
LOOK FOR MY WEEKLY REPORT…..TOMORROW …..
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.
