Weak Dollar = Positive Gold

Very weak U.S. Dollar today helped the Wednesday Gold session close $3.00 higher .
Even with the Crude Oil market trading below $61.00 a barrel (well over 100 pts. Lower) the Gold held it's ground after opening lower and rallied to close positive for the day.
Reports again show huge interest from India to purchase Gold.

Gold 9/20 High....592.50
Low....578.30 (top to bottom= $1400 per 1 contract )
Close..586.20

As you can clearly see Gold has wide trading range during a single session.
Today my first support level(position to buy) was 578.50. In my opinion the way to trade this Gold market is to either put on option spreads, future spreads, or to day trade and take what the market gives you/ cut your loss' using stop loss orders.
The swings on a Daily session have been huge. To get stubborn in these markets is insane.

There are still fears of Inflation no matter what the FED says publicly !!!!
Numbers speak for themselves....The increase of Wages is out weighing productivity Gains.....
If this trend continues look for higher interest rates by years end.

The following are my guideline numbers for 9/21 Thursday in December GOLD.........

resistance # 2......................599.50
resistance # 1......................592.50
pivot .........................................585.50
support # 1 .........................578.50
support # 2 .........................571.50

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


I trade more than just Gold. I trade the World and offer points for all markets.
please feel free to question , comment, and have a one on one conversation with
me. Call 1-888-282-2770 or email mdal@manducatrading.com

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