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 trading session covered a very choppy and volatile $9.00 range. December Globex traded as high as $1273.50 and just thirty minutes later we trading on the lows. ($1264.50).
The market appeared to run out of buying momentum and with key economic data due out tomorrow morning I believe traders liquidated positions and booked some profits.
Tuesday’s mammoth rally produced another all-time high ($1276.10) and I was not surprised that today yielded a bit of a pull back. We as Gold traders are once again in unchartered territory and it was evident in the volatility.
Gold and Silver continue to be appealing alternative investments as global investors are seeking “safe haven” and tangible assets to protect their hard earned income. The lack of confidence in fiat currencies and Financial Regulators has fueled the bullion demand.
We are just two weeks into the four month long Wedding and Festival Season in India. The demand from the jewelers of India to meet the insatiable demand should also remain high….
December Globex Volume…90 K PLUS Economic
Reports 9/16………..
EXPORT SALES………………7:30 AM (CST)
INITIAL JOBLESS CLAIMS. ..7:30 AM (CST)
PPI………………………………..7:30 AM (CST)
MY SWING NUMBERS FOR 9/16….December….
RESISTANCE # 2………….$1278.00
RESISTANCE # 1………….$1274.00
PIVOT ………………………..$1269.00
SUPPORT # 1………………$1264.00
SUPPORT # 2………………$1260.00
PLEASE email questions or comments….
Mike Daly / Gold Specialist
PFG BEST
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.
