Gold Rallies $12.40 To End Week.......

Friday's Gold session opened $9.00 higher and closed $12.40 higher for the day.
The Gold followed the Crude Oil (up 130 at the Gold close) which reacted not only to a technical short cover but also in anticipation to the meeting of OPEC October 20th .
OPEC has stated they intended to cut Oil production October 31. This should keep Crude Oil above $50 a barrel for now. (less production = higher Crude)
With the housing market at a crawl and the huge upward moves in the grain markets over the last 6 weeks I believe the Gold sector smells inflation. (inflation = higher Gold)

The following are my guideline numbers for Monday 10/16 for December Gold......

resistance # 2..................604.00
resistance # 1..................598.50
pivot ................................589.00
support # 1......................583.50
support # 2......................574.00

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


TO OPEN AN ACCOUNT call 1-888-282-2770

FREE CONSULTATIONS.

Trade Smart