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.
The Gold market continues to benefit from the European Union’s uncertainty and investor demand as a flight to safer havens. Despite reports that the German upper house had given its approval for the Greek bail-out it still has to be signed by German Chancellor Merkel. The European Union needs to get the Greek bail-out done just to give the remaining Euro states in need a sense of confidence. The stringent measures imposed on Greece to cut debt has resulted in protest and rioting in the streets by the citizens of Greece. The EU has called the imposed measures as “painful but necessary”…
As many times as this Greece scenario has changed over the past five months I am still taking a wait and see attitude. Hopefully the remaining Euro-states debt problems will not escalate as the Greek crisis did.
Today’s unemployment data revealed “great” news… Payrolls increased 290,000 last month… This is the largest increase in over four years…290,000 more Americans entering the labor force and collecting a paycheck… This is truly a good sign that the economy is turning around!!!
Despite the OVER-BOUGHT status (technically) in the Gold the demand factor is the fuel powering this rally… The demand is GLOBAL……
On May 5th (2 days ago) the Gold traded as low as $1156.20…it traded as high as $1214.90 today. ($58.70 range).
SWING NUMBERS FOR MONDAY 5/10 June Gold…
RESISTANCE # 2…………$1228.00
RESISTANCE # 1…………$1219.00
PIVOT………………………..$1206.00
SUPPORT # 1……………..$1197.00
SUPPORT # 2……………..$1184.00
Mike Daly / Gold Specialist
PFG BEST
[email protected]
877-294-4669
312-775-3014
312-563-8029
*THERE IS EXTREME RISK TRADING FUTURES,OPTIONS, and FOREX*
