Wild Friday

As suggested by yesterday's import and export numbers the CPI number was bullish for the U.S. Dollar and bearish for the Gold market. After the CPI was released the Gold market which has been in a downward spiral all week dropped like a stone trading down to a low of 576.50. Many traders including myself believe this Gold market is well over sold. However the Gold market made a very impressive rally the last couple hours of the trading session trading up 10.00 dollars and positive on the day around 12:15 (cst) . The market than traded in a 5.00 dollar range in the last 15 minutes before closing at 583.00 just 3.00 dollars lower on the day.
The bulls had to very relieved to see that strong Friday rally.

The following are my guideline numbers for Monday 9/17 in December Gold.........

resistance # 2 ................................595.00
resistance # 1 ................................590.00
pivot ................................583.00
support # 1 ....................................577.50
support # 2 ....................................571.00


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




I trade more than just Gold. In fact I trade the World.

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Trade smart............