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.
Another negative session as gold trades a very volatile and choppy $37.60 range as lack of momentum and technical selling continue to put the pressure on the precious metals markets. Gold bugs saw Gold settle at the $1318.40 level and the lowest since October 4, 2010. As we have been reporting for months this has been a much needed retracement in order to refresh this market. However, due to the previous insatiable physical demand the precious metals continued to climb and ignored the technical overbought status. We have seen a drop in physical demand as investors may be looking for prices to continue to dip and are seeking cheaper prices before re-entering the market. Gold and Silver prices have taken a beating over the past few weeks due primarily to the raising of rates by central banks globally.
REPORTS: 1/28
GDP…..7:30 am (CST)
MY SWING NUMBERS
FEBRUARY GOLD
RESISTANCE # 2…………..$1363.00
RESISTANCE # 1…………..$1340.00
PIVOT…………………………$1325.00
SUPPORT # 1……………..$1303.00
SUPPORT # 2……………..$1287.00
VOLUME…………………….196K
MARCH SILVER
RESISTANCE # 2…………..$27.79
RESISTANCE # 1…………..$26.75
PIVOT………………………….$27.03
SUPPORT # 1……………….$26.59
SUPPORT # 2……………….$26.19
VOLUME ……………………..60K
Mike Daly / Gold Specialist
PFG BEST
[email protected]”>[email protected]
877-294-4669
312-563-8029
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.
