Gold Settles $2.00 Higher Today…($1310.30)

It is apparent savvier investors lack confidence in Financial Regulators and fiat currencies in general. Despite these lofty price levels the demand for physical bullion globally continues to be insatiable.

The trading range today was $8.70 as traders remain leery trading in this unchartered territory. It appeared the gold Bugs were looking toward Thursday economic data for direction and to plan their future strategies.

The biggest drag on the United States economy has been the bleak unemployment sector so therefore all eyes will be on the Initial Jobless Claims data due out at 7:30 AM CST…..

There were some noteworthy comments today from members of the FOMC.  Boston Federal Reserve Bank President Eric Rosengren stated that he firmly supported a renewed “quantitative easing” to stimulate the economy and bringing down unemployment to avoid further disinflation and possible deflation”.

He also stated that the FOMC must be open to implementing policies that will promote full employment and reduce deflationary risks”.  Philadelphia Federal Reserve Bank President Charles Plosser stated that after the worst financial and economic crisis that most of us have ever experienced there will still be a slow but sustainable economic recovery, both in the Philadelphia Fed District and in the nation as a whole” And continued with “Monetary policy is not a magic elixir that can solve every economic ill”…..

ECONOMIC REPORTS / 9/30

JOBLESS CLAIMS……….7:30 AM CST

GDP………………………….7:30 AM CST

EXPORT SALES………….7:30 AM CST

MY SWING NUMBERS 9/30

RESISITANCE # 2………………$1319.00

RESISTANCE # 1…………….. .$1315.00

PIVOT  ……………………………$1310.00

SUPPORT # 1…………………..$1305.00

SUPPORT # 2…………………..$1301.00

Mike Daly / Gold Specialist

PFG BEST

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312-563-8029