Big Break.......

With Jobless claims down(bearish Gold ) and Import and Export sales up and revealing inflation
(bullish for Gold) Crude Oil lower and the U.S. Dollar also very weak it seemed to confuse early on. At 7:30 when the Reports came out Gold was trading 597.80. Less 90 minutes later it was trading at 600.00. Shortly later in the session they tanked it to 590.50 the mid-day low.
After a weak rally the traders pounded the Gold down to 584.00 before settling at 586.00 ..10 dollars lower on the day. Some traders are calling this move a fundamental retracement.
As we head into the fourth quarter history for the most part tells us the Gold should be strong ,the Dollar will be weaker, and the purchase of physical Gold (Holiday Gifts) will increase.
Based on this mornings reports and the new homes Report earlier this Month indicate the economy may be slowing and the hint of inflation is in the air.
My feeling is Gold could rally up to 700.00 again by year end with a little help from the Dollar.

The following are my guideline numbers for Friday 9/15 in December Gold...............

resistance # 2.......................608.00
resistance # 1 ......................597.00
pivot......................................590.50
support # 1 ..........................579.00
support # 2 ..........................572.00


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




I do trade more than Gold............. I trade the World.......
Give me a call 1-888-282-2770 for a one on one conversation or to make a comment.....

Trade Smart.............