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 trade had a very nervous feel as Globex traded as low as $1124.30 overnight before rallying almost all the way back and settling at $1138.50. There are several reasons for Gold traders to be a bit skittish. The news of the SEC charging industry giant Goldman Sachs with fraud started the avalanche sell-off in the stocks and metals Friday. Early trading overnight showed some continuation as the European markets felt the effects of SEC action. The weakness of the Stocks and metals helped strengthen the U.S Dollar and lessoning the appeal for Gold.
The investment community is keeping a close eye on China’s Banks as indications are they will raise interest rates once again and further tighten their lending procedures.
Once again the jewelers of India were more aggressive than anyone else in purchasing bullion overnight. They are still stocking up as their wedding season is in full swing and the Akshaya Tritya (Holy Hindu festival) is rapidly approaching falling on May16th. Jewelers are anticipating a huge surge in jewelry consumption for this religious occasion.
The European Union is still trying to manage their debt crisis and it appears we will be talking about this throughout the upcoming months. This scenario has been almost single handedly supported the U.S DOllar for the past four months.
RESISTANCE # 2……………….$1147.00
RESISTANCE # 1……………….$1142.00
PIVOT…………………………. ……$1133.00
SUPPORT # 1……………….…..$1128.00
SUPPORT # 2…………………..$1120.00
Mike DALY / Gold Specialist
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877-294-4669
312-563-8029
312-775-3014
*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, AND FOREX*
