Bears Rule The Week

Friday brought yet another down day in the Gold market day session.
Once again news that South African Gold miners plan to increase their production I believe caused the few longs left to take profits. The very strong U.S. Dollar and weak Crude Oil market were also key components for the early break down to 612.00 in December Gold.
Also brighter news from Lebannon confirmed the Isreali Sea Blockade off the shores of Lebannon has been lifted this is also bearish for Gold.
However around 11:00 (cst) the Gold market began to rise from around 615.00 to where it closed 617.50 on what appeared to be endless news of pending inflation and possible rate adjustments ahead from the FOMC. My opinion is the big players in the Gold community are still long term bullish and the 700-1000 call volume may suggest just that......India wedding season, holiday Gold spike, and the fear of inflation may be the basis for their bullish vision.

The following are my guideline numbers for Monday 9/11 for December Gold.........


resistance # 2.............................634.00
resistance # 1.............................626.00
pivot ........................................... 619.00
support # 1..................................611.00
support # 2..................................604.00

resistance = possible opportunity to sell market
support = possible opportunity to buy market
pivot = possible point to determine direction




I do trade more than Gold in fact you could say I trade the World.
please feel free to E-mail or call 1-888-282-2770 if you have a comment,question,
or would like to open an account.

Trade Smart,

Mike