Gold Looking for Direction.....................

Wednesday's Gold trading session was very mixed. The market opened virtually unchanged traded up to 582.00 dropped down to the 577. handle all before President Bush spoke at 10 am (CST). The market is searching for direction. Everyday brings new reports from North Korea and OPEC. Today reports from ABC NEWS " North Korea warned that increased U.S. pressure over the regime's reported nuclear test could be considered an act of war ". North Korea also said "It could respond to U.S. pressure with Physical measures ".
OPEC is still reporting possible production cuts as well.
Both these reports have great effects on the market. (Gold should be much higher ).
I believe the financial community realizes this is gonna be a very tense period and is trying to trade these markets in a non panic mode. ( I remember the1979 Gold market).
Hopefully diplomacy will prevail.

The following are my guideline numbers for 10/12 Thursday for December Gold......................


resistance # 2 ................................587.00
resistance # 1 ................................581.50
pivot ..............................................578.00
support # 1 ....................................572.50
support # 2 ....................................569.00



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

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