The Bears Win The Day..............................

Today's trade was frantic to say the least. The Gold market opened Higher and traded as High as $647.30 before strong U.S. Economic news bolstered the U.S. Dollar causing a frenzy of gold selling in the market place. The U.S. Manufacturing Index showed a better than expected gain in the Manufacturing Industry.(51.4 up from 49.5 in November). This is most l due to the Holiday demand. This good economic news rallied the U.S Dollar 75 pt. Higher as of the close of Gold.
Many suggest the Gold market had been in an OVER BOUGHT mode and the recent Option Call volume suggests they're right. When markets correct and the selling frenzy starts it becomes a search and destroy hunt for STOP LOSS Orders adding to the AT THE MARKET order selling
creating an avalanche effect....Huge range today $20.30....
HIGH...647.30 LOW...627.00 CLOSE...630.40.....

The following are my guideline numbers for Thursday 1/4 for February Gold.......

resistance # 2......................655.00
resistance # 1..................... 643.00
pivot.......635.00
support # 1.......................622.50
support # 2.......................615.00

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

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