Credit: Shutterstock photoGold Settles $22.80 Lower... ($1644.50)...
Today's Gold session notched another all-time as the December Gold Futures contract traded as high as $1646.80. The U.S Senate passed the raising of the U.S Debt ceiling bill as expected. Fitch rating services anticipated the bill passage and concluded that the United States should retain its AAA rating.... The biggest fuel to today's mammoth Gold rally was the news That the South Korean central Bank purchased 25 tons of Gold It was South Korea's first Gold purchase since 1998. The 25 ton purchase brings their reserves up to 40 tons... These High Gold prices are slowing physical demand somewhat however, with the wedding and festival season in India and China less than a month away I expect the demand to increase significantly no matter where the yellow metal is trading..... despite lower Crude oil prices today the Gold market continues to be the "safe haven" choice for world investors... As we know historically Gold and Silver retain their value Better than most commodities during times of uncertainty.... President Obama has certainly been subject to "baptism by fire"... I recently looked to see where Gold was trading on Obama's Inauguration day...On That day Gold was trading around $890.00... Also despite these high prices I would not be surprised to see other Central banks follow South Korea in purchasing physical bullion to add to their reserves....
I believe traders are eyeing the upcoming Friday UNEMPLOYMENT DATA. Silver rallied 70.3 cents as well to close at $40.09.2 per ounce......
MY SWING NUMBERS 8/3
DECEMBER GOLD
RESISTANCE # 2.....................$1665.00
RESISTANCE # 1.....................$1655.00
PIVOT.....................................$1637.00
SUPPORT # 1.........................$1627.00
SUPPORT # 2.........................$1611.00
VOLUME..................................121,000
SEPTEMBER SILVER
RESISTANCE # 2........................$41.05
RESISTANCE # 1........................$40.53
PIVOT........................................$39.87
SUPPORT # 1............................$39.35
SUPPORT # 2............................$38.69
VOLUME....................................37,000
Mike Daly / Gold Specialist
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
