Today’s session traded a choppy $15.30 range as traders appeared to apprehensive in advance of tomorrows nationwide elections as well as the Tuesday & Wednesday FOMC meeting. Most investors expect the FOMC will announce more quantitative easing however, the amount they will allocate will be the issue.
Since the market closed $7.00 lower it is my opinion that many traders took profits and sat the side-lines as a precaution to tomorrows Election Day surprises. it will also be interesting to see if there is buying interest from the Asian sector as they have been aggressive buyers during the previous market price dips.
With the “DIWALI festival only 4 days away I would imagine the jewelers of India will need to stock and re-stock their shelves as the Hindu Holiday is auspicious for an insatiable demand for both Gold and Silver….
Today’s trading session was very technical as it traded between RESISTANCE and SUPPORT levels….
REPORTS: 1/2 ELECTION DAY……………………….. FOMC MEETING (day 1)…………….
MY SWING NUMBERS 1/2…….December Gold
RESISTANCE # 2………………..$1370.00
RESISTANCE # 1………………..$1361.00
PIVOT………………………………$1355.00
SUPPORT # 1…………………….$1345.00
SUPPORT # 2…………………….$1340.00
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.