Technical Correction.......................

Today's Gold trading session turned into a technical sell off. With a very strong U.S. Dollar (46 pts. Higher @ Gold close ) and a very weak Crude oil market (100 pts. Lower @ Gold close ) the Gold trading sector didn't have much of a choice but to trade technically. After a week of tension between the United Nations and North Korea it appears the North Koreans have cooled the situation by apologizing to China for testing nuclear weapons against China's wishes.
This seems to have lightened the threats. The Gold market had another large range today.
HIGH---596.40
LOW ---582.50
CLOSE---583.00
YOU'VE GOT A $14.00 RANGE ON VERY LITTLE NEWS.....This is an indication the community was looking for support/resistance levels and searching for stop/loss orders.....

The following are my guideline numbers for Tuesday 10/23 for December Gold............

resistance # 2 ...............................................601.00
resistance # 1 ...............................................591.50
pivot .............................587.00
support # 1 ...................................................578.00
support # 2 ...................................................573.00

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

*****SPECIAL THANKS TO : Walter Traversy and Pina Bernardi C/O

CFRA RADIO 580 (Canada) for having me as a guest on their program last Friday........


To OPEN an account with Mike Daly Call -1-888-282-2770

I trade more than just Gold...I trade the world.......

Trade Smart.................................