Traders Take Profits..............

Friday's Gold trading session was simply a profit taking trade. After post election speculation traders decided to take what the market gave before going home for the weekend.
After gaining $18.50 yesterday the market gave back $6.70 today closing at 630.10.
the U.S Dollar was weak again today and Crude was trading under $60.00 a barrel at the Gold close. Many traders predict a continued weak U.S Dollar and a slowing economy.
The one thing this Election has taught me is that when the country isn't happy they will let the U.S. government know !! The economy was a big issue with the voters . They got the governments attention. So my opinion is they won't let the U.S Dollar slip too far. The Gold is a separate entity these days it reacts to supply and demand and world tension more than the Dollar or the Crude oil recently. The Gold had a $ 11.50 pt. range today.
HIGH.............638.00
LOW..............626.50
CLOSE...........630.10

The following are my guideline numbers for Monday 11/13 for December Gold.................

resistance # 2............................643.00
resistance # 1............................636.50
pivot ....................631.50
support # 1................................625.00
support # 2................................620.00

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

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