Gold Closes Strong ......................
Wednesday's Gold session started aliitle lower and sideways seeking a support level. After bouncing off 582.50 it began a steady and stout rally trading up to 594.20 and closing $ 3.20
on the day. The Presidents 9:30 (cst) news conference certainly didn't help the Dollar much(negative dollar means Higher Gold) when he confirmed his plans to win the war against terrorism and would send more troops if his advisors recommended.
This is a very tough time to be trading (13 days before election day -November 7) because
of all the rumors and conspiracy theories. Many believe Crude Oil is lower now than it was a month ago because of pressure by the Republicans to show the voters how good the Economy is
(cheaper gas / more cash in your pocket) but I believe Crude Oil is simply supply and demand.
OPEC has cut production: but we've had a very mild hurricane season thus far and we're getting help from more Ethanol production. Gold has it's own community and it will react and trade
separately from all markets when news dictates, but as of the present time it is reacting and for the most part is shadowing the Crude oil. This is why I tell my clients to trust the numbers.....
This is not the Stock Market ! The Key to trading Gold is to take what it gives and don't worry where it goes.....If you can't pull the trigger the GOLD MARKET is not for you !!!!!
My pivot today was 584.00...The LOW of the day was 582.50...... The HIGH was...594.50.......
The following are my guideline numbers for 10/26 Thursday in December Gold.............
resistance # 2.........................................601.00
resistance # 1.........................................595.50
pivot ........................................589.00
support # 1.............................................583.50
support # 2.............................................577.00
resistance = possible point to sell
support = possible point to buy
pivot = possible point to determine direction
TO OPEN AN ACCOUNT CALL 1-888-282-2770 mdaly@manducatrading.com
FREE CONSULTATION.
TRADE SMART
on the day. The Presidents 9:30 (cst) news conference certainly didn't help the Dollar much(negative dollar means Higher Gold) when he confirmed his plans to win the war against terrorism and would send more troops if his advisors recommended.
This is a very tough time to be trading (13 days before election day -November 7) because
of all the rumors and conspiracy theories. Many believe Crude Oil is lower now than it was a month ago because of pressure by the Republicans to show the voters how good the Economy is
(cheaper gas / more cash in your pocket) but I believe Crude Oil is simply supply and demand.
OPEC has cut production: but we've had a very mild hurricane season thus far and we're getting help from more Ethanol production. Gold has it's own community and it will react and trade
separately from all markets when news dictates, but as of the present time it is reacting and for the most part is shadowing the Crude oil. This is why I tell my clients to trust the numbers.....
This is not the Stock Market ! The Key to trading Gold is to take what it gives and don't worry where it goes.....If you can't pull the trigger the GOLD MARKET is not for you !!!!!
My pivot today was 584.00...The LOW of the day was 582.50...... The HIGH was...594.50.......
The following are my guideline numbers for 10/26 Thursday in December Gold.............
resistance # 2.........................................601.00
resistance # 1.........................................595.50
pivot ........................................589.00
support # 1.............................................583.50
support # 2.............................................577.00
resistance = possible point to sell
support = possible point to buy
pivot = possible point to determine direction
TO OPEN AN ACCOUNT CALL 1-888-282-2770 mdaly@manducatrading.com
FREE CONSULTATION.
TRADE SMART
posted by daly gold report at
10:10 AM
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