Peru’s small miners block highways, camp outside Congress demanding registry extension
Analyst says that there are strong competing interests between Congress and small-scale miners that could escalate.
The gold market continued to reflect the uncertainty of investors regarding the latest news coming from the European Union. Yesterday we reported BaFin (Germany’s financial services regulator) had announced it will introduce a temporary plan to ban short selling.
The ban will apply to naked short selling and naked credit default swaps of Euro region government bonds starting at midnight yesterday and in effect until March 31s ,2011. This news has rattled the equity markets globally. It has not only taken the market makers liquidity out of the market it almost suggests that policy makers are in a “panic mode” in attempts to get the Euro region debt crisis under control.
The region continues to experience heavy debt and low economic growth…a recipe for disaster. Gold traders have continued profit taking as the technically over-bought market had lost momentum above the $1240.00 level…
Today as usual there were rumors out of the European Union and today’s suggested that Greece was considering leaving the European Union. Off of this rumor the Euro rallied to a session high against the U.S Dollar and Swiss franc…. This RUMOR helped investors in their decision making process to take profits in the precious metals.
*GLOBEX GOLD COVERED A RANGE OF $41.60 TODAY* HIGH =$1228.20 ——–LOW = $1186.60 ——-
The latest sell-off has helped fill in some key “technical gaps” ($1200.00- $1190.00) and may offer the eternal “Bulls” an opportunity to re-enter at lower prices. The U.S CPI (consumer price index) declined in April for the first time in 13 months…..
The number of American homeowners in foreclosure has reached a record 4.6%. In addition 10% of homeowners have missed a mortgage payment in the first quarter.
REPORTS: 5/20…..
EXPORT SALES………………….…….7:30 am (CST)
INITIAL JOBLESS CLAIMS………..7:30 am (CST)
My Swing Numbers 5/20 June Gold
RESISTANCE # 2……………..$1243.00
RESISTANCE # 1……………..$1218.00
PIVOT…………………………….$1202.00
SUPPORT # 1………………….$1176.00
SUPPORT # 2………………….$1161.00
Mike Daly / Gold Specialist
PFG BEST
877-294-4669
312-775-3014
312-563-8029
*THERE IS EXTREME RISK TRADING FUTURES,OPTIONS, and FOREX*
