Daly Gold Report(68)
Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Wednesday, April 25, 2012 at 1:54 PM
Gold Settled $1.50 Lower … ($1642.30)
Today’s June Gold futures traded a choppy and volatile $20.70 as FOMC comments once again are not what the “bulls” were looking for. The FOMC released a statement at 11; 30 am cst…
The statement was almost exactly the same as they issued in March. (See highlights below)
• Fed says U.S Economy is expanding moderately…
• Housing sector remains depressed…
• Low interest rates through 2014…
• Inflation has risen slightly due to higher energy prices…
• Labor market has show improvement in recent months…
The June gold futures was trading around the $1640 level at the time of the FOMC‘s statement release. And with no mention once again about a QE 3 or the possibility of more stimulus the Gold market tanked and traded as low as $1625.00 5 minutes after the Fed’s statement.
Evidently traders and investors saw last month’s Jobs data as a sign of a slowing economy.
The Gold market did however make a miraculous comeback the last hour of the day session to close $1.50 lower for the day…
The demand for physical has been sluggish and has not been an underlying support recently.
The market has been trading above and below the $1640.00 level seemingly forever…
Traders have been using the $1640 level as a psychological pivot level….
May Silver settled .39 cents lower… ($30.35.6 per ounce)…
ECONOMIC DATA 4/26
Export Sales………………7:30 am cst.
Initial Jobless Claims…….7:30 am.cst.
MY SWING NUMBERS 4/26
JUNE GOLD
RESISTANCE # 2……………$1659.00
RESISTANCE # 1……………$1651.00
PIVOT…………………………$1638.00
SUPPORT # 1………………..$1630.00
SUPPORT # 2………………..$1617.00
VOLUME………………………108,000
MAY SILVER
RESISTANCE # 2…………….$31.46
RESISTANCE # 1…………….$30.91
PIVOT…………………………$30.42
SUPPORT # 1………………..$29.86
SUPPORT # 2………………..$39.46
VOLUME…………………… 47,000
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Daly Gold Report(67)
Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Tuesday, April 24, 2012 at 2:46 PM
Gold Settled $11.20 Higher … ($1643.80)
Today’s June Gold futures traded a quiet $15.50 range on fairly light volume as traders may be awaiting news statements from the FOMC’s two day meeting which will conclude tomorrow..
The last several times Fed Chairman Ben Bernanke has spoke he has single handedly crushed the precious metals and I believe his recent record is fresh in the minds of the gold bugs
Gold traders may be waiting until after the FOMC convenes prior to choosing their trading strategies
.
Today’s price rally can be attributed to a weaker U.S. Dollar along with bad news from the housing sector. The S&P/ Case-Schiller home price index revealed that U.S Home prices dropped sharply in February to its lowest level in 10 years…
Today’s May Silver futures contract settled 21.5 Higher … ($30.74.6 per ounce)…
ECONOMIC DATA 4/25
Advanced Durable Goods…………….7:30 am. cst.
FOMC MEETING (part 2.)
MY SWING NUMBERS 4/25
JUNE GOLD
RESISTANCE # 2………..$1659.00
RESISTANCE # 1………..$1651.00
PIVOT……………………. $1643.00
SUPPORT # 1……………$1636.00
SUPPORT # 2……………$1627.00
VOLUME………………….125, 000
MAY SILVER
RESISTANCE # 2…………$31.30
RESISTANCE # 1…………$31.02
PIVOT………………………$30.83
SUPPORT # 1……………. $30.56
SUPPORT # 2……………. $30.36
VOLUME…………………..63,000
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Daly Gold Report(66)
Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Friday, April 20, 2012 at 2:21 PM
Gold Settled $1.40 Higher… ($1642.80)
Friday’s June Gold futures traded a very quiet and lackluster $9.60 range as traders may be sidelined as the G20 leaders meet in Washington. Today’s market lacked any type of catalyst capable of moving the market significantly in either direction. A weaker U.S Dollar and higher Crude Oil prices helped to support higher gold prices today. May Crude Oil futures traded as high as $104.27 per barrel on Friday. This week the June Gold futures covered a $28.40 range.
The International Monetary Fund (IMF) and leaders from the G20 hold their spring meetings from April 19th-22nd in Washington. The world’s most powerful leaders along with IMF officials are scheduled to discuss the European Union’s debt crisis as well as the geo-political tensions in the Middle-East. IMF Managing Director Christine Lagarde goal is to bolster the IMF’s crisis-fighting coffers as an emergency backstop to aid the debt crisis in Europe. However, leaders from the U.S, Canada, and Australia stated that Europe must take a more aggressive stance to cut debt and right their financial ship. The G20 citied the situation in Europe as the “first in a list of drags’ on the growth of the global economy.
The IMF is seeking to raise about 60 billion more however. The BRIC Nations (Brazil, Russia, India, and China are apparently insisting on more say or power with the IMF before committing more assets….It is thought that IMF’s Lagarde has raised over 320 billion thus far.
Noteworthy Weekly News:
Thursday:
Once gold prices held the $1630.00 level it is my belief that traders and investors alike saw these lower prices as a “bargain buying” opportunity.
The U.S Department of Labor announced that the Weekly Jobless Claims totaled 386,000.
This was worse than the projected 370,000.
Physical buying remains sluggish from both China and India.
I expect that to change as the jewelers of India will need to stock their shelves in preparation for the Akshaya Tritiya festival which is scheduled to commence next Tuesday April 24th.
Wednesday:
The June futures contract traded as high as $1655.20 and as low as $1638.10 as lower Crude Oil prices, European Union uncertainty, and news from Syria pressured the precious metals as traders will look forward to tomorrows economic data to plan their trading strategies.
India’s Akshaya Tritiya festival is Tuesday April 25th and it has been revealed that India’s post offices will sell discounted gold coins as the festival nears. The high price of gold along with the recent 21 day strike by India’s jewelers has sparked heavy country wide advertising from the jewelers in order to capture wary customer business. It is believed that valuables purchased on Akshaya Tritiya will bring prosperity and good fortune.
China is the largest producer of Gold in the world and may overtake India as the world’s largest consumer of gold as well as they are experiencing a 35% growth in the jewelry market.
The citizens of China have traditionally given jewelry, especially gold the gift of choice for births as well as weddings. And with the growing awareness that gold is anti-inflation asset it appears the citizens of China are overwhelmingly choosing gold as their gift of choice.
It has been reported that Syria is selling its gold reserves at a discount prices.
According to Reuters- Syria is trying to sell gold reserves to raise revenue as Western and Arab sanctions targeting its central bank and oil exports begin to bite, diplomats and traders said.
Tuesday:
Today’s June Gold futures traded a choppy and volatile $23.40 range.
Tuesday’s trading session traded technically between my second support and first resistance levels as the sessions economic data had traders scrambling to get on the right side of the market. Early in the session it appeared that traders and investors alike speculated that the risk appetite in the gold market had improved since there was a successful Spanish bond auction overnight. Spain was able to sell more 12 and 18 month debt than previously planned.
Fitch affirmed that Austria’s AAA rating and kept the outlook as stable. The April reading of Germany’s ZEW Survey of Economic Sentiment was up 1 point from the previous month and much better than the projected fall of 3 points. These factors helped to eases investor concern regarding the European Union and the Euro.
RATINGS AGENCY Egan-Jones cut Spain’s debt rating to BBB- from BBB. (Bearish Euro)…
India has reported that its demand for physical gold is down 50 % from a year ago.
The Jewelers of India ended a 21 day strike after the government assured them it would consider their concern over the tax increase on imported gold. The 21 day strike cost the industry about 200 billion rupees or 4 billion in lost revenue. However, Tuesday April 24th is Akshaya Tritiya is one of te most auspicious days of the Hindu Calendar. Gold and gold jewelry bought and worn on this day signify never diminishing good fortune.
Higher Crude oil prices also helped to support today’s higher close… May Crude oil futures traded as high as $105.07 per barrel today..
Monday:
Today’s June Gold Futures traded a very choppy and technical $17.60 range.
Gold prices dipped as investors and traders concerns intensified over Spain’s ability to keep its finances under control. Investors will be eyeing this week’s bond auction as worries about Spain have German bond yields at record highs. The uncertainty in Spain is certainly pressuring the euro as well as gold prices.
Cleveland’s Fed Boss Sandra Pianalto said a government report showing employers added 120,000 workers in March, the fewest in five months, underscores the choppy nature of the United States expansion. “Recent labor market data provide an example of the uneven pattern of economic activity”. Pianalto added “It seems as though the labor market is still improving, albeit at a modest pace”.
MY SWING NUMBERS 4/23
JUNE GOLD
RESISTANCE # 2………..$1653.00
RESISTANCE # 1………..$1647.00
PIVOT……………………..$1643.00
SUPPORT # 1…………… $1635.00
SUPPORT # 2…………….$1633.00
VOLUME…………………..161,000
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Daly Gold Report(65)
Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Thursday, April 19, 2012 at 2:01 PM
Gold Settled $1.80 Higher … ($1641.40)
Today’s June Gold futures session traded a volatile and choppy $23.70 range.
The June contract traded as low as $1631.20 late in the overnight session (7:10 am CST)
trading its lowest levels in 10 days. However, the market began to rally off a stronger Euro as well as very lackluster U.S economic data regarding Initial Jobless Claims, Existing Home Sales, and Export Sales therefore pressuring the U.S dollar and lending support to the precious metals markets. Once gold prices held the $1630.00 level it is my belief that traders and investors alike saw these lower prices as a “bargain buying” opportunity.
The U.S Department of Labor announced that the Weekly Jobless Claims totaled 386,000.
This was worse than the projected 370,000.
Physical buying remains sluggish from both China and India.
I expect that to change as the jewelers of India will need to stock their shelves in preparation for the Akshaya Tritiya festival which is scheduled to commence next Tuesday April 24th.
MY SWING NUMBERS 4/20
JUNE GOLD
RESISTANCE # 2……………$1667.00
RESISTANCE # 1……………$1655.00
PIVOT…………………………$1643.00
SUPPORT # 1………………..$1630.00
SUPPORT # 2………………..$1619.00
VOLUME ……………………..107,000
MAY SILVER
RESISTANCE # 2……………$32.42
RESISTANCE # 1……………$32.09
PIVOT…………………………$31.69
SUPPORT # 1………………. $31.38
SUPPORT # 2………………..$30.96
VOLUME…………………… 35,000
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Daly Gold Report(64)
Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Wednesday, April 18, 2012 at 2:18 PM
Gold Settled $11.50 Lower … ($1639.60)
Today’s June Gold futures session covered a very technical and choppy $17.10 range.
The June futures contract traded as high as $1655.20 and as low as $1638.10 as lower Crude Oil prices, European Union uncertainty, and news from Syria pressured the precious metals as traders will look forward to tomorrows economic data to plan their trading strategies.
India’s Akshaya Tritiya festival is Tuesday April 25th and it has been revealed that India’s post offices will sell discounted gold coins as the festival nears. The high price of gold along with the recent 21 day strike by India’s jewelers has sparked heavy country wide advertising from the jewelers in order to capture wary customer business. It is believed that valuables purchased on Akshaya Tritiya will bring prosperity and good fortune.
China is the largest producer of Gold in the world and may overtake India as the world’s largest consumer of gold as well as they are experiencing a 35% growth in the jewelry market.
The citizens of China have traditionally given jewelry, especially gold the gift of choice for births as well as weddings. And with the growing awareness that gold is anti-inflation asset it appears the citizens of China are overwhelmingly choosing gold as their gift of choice.
It has been reported that Syria is selling its gold reserves at a discount prices.
According to Reuters- Syria is trying to sell gold reserves to raise revenue as Western and Arab sanctions targeting its central bank and oil exports begin to bite, diplomats and traders said.
ECONOMIC DATA 4/19.
Export Sales……………..7:30 am.cst
Initial Jobless Claims……7:30 am.cst
Existing Home Sales……7:30 am.cst
MY SWING NUMBERS 4/19
JUNE GOLD
RESISTANCE # 2……………. $1661.00
RESISTANCE # 1……………. $1650.00
PIVOT…………………………$1644.00
SUPPORT # 1………………….$1634.00
SUPPORT # 2………………….$1627.00
VOLUME……………………….142, 000
MAY SILVER
RESISTANCE # 2………………$32.11
RESISTANCE # 1………………$31.80
PIVOT……………………………$31.57
SUPPORT # 1…………………. $31.26
SUPPORT # 2…………………..$31.02
VOLUME…………………………40,000
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Daly Gold Report(63)
Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Tuesday, April 17, 2012 at 2:21 PM
Gold Settled $1.40 Higher … ($1651.10)
Today’s June Gold futures traded a choppy and volatile $23.40 range.
Tuesday’s trading session traded technically between my second support and first resistance levels as the sessions economic data had traders scrambling to get on the right side of the market. Early in the session it appeared that traders and investors alike speculated that the risk appetite in the gold market had improved since there was a successful Spanish bond auction overnight. Spain was able to sell more 12 and 18 month debt than previously planned.
Fitch affirmed that Austria’s AAA rating and kept the outlook as stable. The April reading of Germany’s ZEW Survey of Economic Sentiment was up 1 point from the previous month and much better than the projected fall of 3 points. These factors helped to eases investor concern regarding the European Union and the Euro.
RATINGS AGENCY Egan-Jones cut Spain’s debt rating to BBB- from BBB. (Bearish Euro)…
India has reported that its demand for physical gold is down 50 % from a year ago.
The Jewelers of India ended a 21 day strike after the government assured them it would consider their concern over the tax increase on imported gold. The 21 day strike cost the industry about 200 billion rupees or 4 billion in lost revenue. However, Tuesday April 24th is Akshaya Tritiya is one of te most auspicious days of the Hindu Calendar. Gold and gold jewelry bought and worn on this day signify never diminishing good fortune.
Higher Crude oil prices also helped to support today’s higher close… May Crude oil futures traded as high as $105.07 per barrel today..
May Silver futures closed .30.1 Higher and settled at $31.67.4 per ounce…..
MY SWING NUMBERS 4/18
June Gold
RESISTANCE # 2…………..$1671.00
RESISTANCE # 1…………..$1661.00
PIVOT………………………. $1648.00
SUPPORT # 1………………$1638.00
SUPPORT # 2………………$1624.00
VOLUME…………………….114, 000
MAY SILVER
RESISTANCE # 2……………$32.23
RESISTANCE # 1……………$31.94
PIVOT…………………………$31.63
SUPPORT #1………………..$31.35
SUPPORT # 2……………….$31.02
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Daly Gold Report(62)
Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Monday, April 16, 2012 at 2:12 PM
Gold Settled $10.50 Lower … ($1649.70)
Today’s June Gold Futures traded a very choppy and technical $17.60 range.
Gold prices dipped as investors and traders concerns intensified over Spain’s ability to keep its finances under control. Investors will be eyeing this week’s bond auction as worries about Spain have German bond yields at record highs. The uncertainty in Spain is certainly pressuring the euro as well as gold prices.
Cleveland’s Fed Boss Sandra Pianalto said a government report showing employers added 120,000 workers in March, the fewest in five months, underscores the choppy nature of the United States expansion. “Recent labor market data provide an example of the uneven pattern of economic activity”. Pianalto added “It seems as though the labor market is still improving, albeit at a modest pace”.
ECONOMIC DATA:
Housing Starts & Permits……………7:30 am. CST.
MY SWING NUMBERS 4/17
JUNE GOLD
RESISTANCE # 2…………. $1669.00
RESISTANCE # 1…………. $1660.00
PIVOT……………………… $1651.00
SUPPORT # 1……………… $1641.00
SUPPORT #2…………… . $1633.00
VOLUME……………………127,000
MAY GOLD
RESISTANCE # 2…………$31.95
RESISTANCE # 1…………$31.66
PIVOT………………………$31.42
SUPPORT # 1……………..$31.14
SUPPORT # 2……………..$30.90
VOLUME…………………..47,000
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Weekly Precious Metals Report
Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Friday, April 13, 2012 at 1:51 PM
Gold Settled $20.40 Lower … ($1660.20)
Today’s June Gold futures traded a very choppy and volatile range as traders may have taken profits after 4 strong sessions this week. Gold bugs were very much aware that FOMC Chairman Ben Bernanke was delivering a speech in New York addressing his perspective of the economic crisis. However, he did not offer any current perspective. It has certainly become evident from his last 4 speeches that if he does not mention the possibility of a Quantitative Easing 3 the Gold and Silver markets tank. After last week’s poor Jobs data many analysts, traders, and investors speculated the FOMC may have a change of heart and suggest more monetary easing in order to jump start the economy…Nothing was said in today’s speech to suggest that would happen. This week traded a $44.60 range which consisted of a high of $1681.30 and a low of $1636.70.
News from the week:
Thursday:
Thursday’s June Gold Futures traded a very choppy and volatile $30.30 range as traders reacted to the unexpected rise in Initial Jobless Claims. The U.S Department of Labor reported that initial claims rose by 13,000 (380,000) and prompting investors to speculate that the labor market recovery may be slowing. The weakness of the U.S Dollar and Higher Crude Oil prices also supported and fueled higher precious metals prices today. Also the geo-political tension with Iran, Syria, and North Korea also have investors seeking the precious metals as their: safe haven” alternative investment of choice. It also appears that individual investors are once buying Gold jewelry, coins, and physical Gold bars in order to have tangible assets.
Gold bugs beware! FOMC Chairman Ben Bernanke is speaking tomorrow. Ben Bernanke has single handedly sank the precious metals during his last three speeches…This may explain today’s very light day session volume…
Tuesday:
Tuesday’s June Gold Futures session covered a very choppy and volatile $32.30 range.
The Low of the session was $1632.50(9:50 cst) and approximately 11:20 (cst) the market began
to rally trading the high of the day ($1664.80) just one hour later. Apparently the economic data out of China and the geo-political tension with Iran, Syria, and North Korea have convinced global investors and traders to choose Gold as there “safe haven” alternative investment choice.
However, despite this recent rally from $1613.00 (April 4th) traders and investors alike will be watching FOMC Chairman Ben Bernanke’s comments very closely on Friday April 13th.
Chairman Bernanke has single handedly sank the Gold market the last 3 times he spoke.
The scenario may be a bit different Friday due to the poor Unemployment Data released last Friday. So maybe the script will change somewhat…. We shall see soon enough.
Monday:
Monday’s June Gold Futures traded a quiet $13.20 range on fairly light volume.
Friday’s Unemployment number for the March reading of non-farm payrolls is +120,000 and the net change for the private sector was +121,000. Total payrolls were expected to be 205,000 and the estimate for the private sector was 215,000. Both numbers were worse than expected.
High inflation in China coupled with the heightened geo-political tension in Iran and North Korea may be making gold more appealing as a “safe haven” investment choice. Iran’s Foreign Minister Ali Akbar Salehi was quoted by Iranian Media as saying “that Tehran would not agree to world powers imposing pre-conditions before the nuclear talks” which will resume in Istanbul after collapsing more than a year ago. “Setting conditions before the meeting means drawing conclusions, which is completely meaningless and none of the parties will accept conditions set before the talks”. Iran’s Supreme National Security Council announced that talks between Tehran and the 5+1 group will be held in Istanbul on April 14th. (The 5 permanent members of the UN Security Council consist of the USA, China, Russia, France, & Britain. PLUS Germany)…
The U.S and its allies are concerned that Iran developing atomic weapon capability….
Washington has not ruled out military against Tehran if diplomacy fails. North Korea is planning on testing and launching missiles despite a strong warning from the West. As the geo-political sabre rattling continues it appears savvier investors are choosing Gold over fiat currencies…
MY SWING NUMBERS FOR 4/16
JUNE GOLD
RESISTANCE # 2…………..$1689.00
RESISTANCE # 1…………..$1675.00
PIVOT………………………. $1665.00
SUPPORT # 1………………$1651.00
SUPPORT # 2………………$1641.00
VOLUME…………………….142,000
MAY SILVER
RESISTANCE # 2……………$32.85
RESISTANCE # 1……………$32.12
PIVOT………………………..$31.71
SUPPORT # 1……………… $30.97
SUPPORT # 2…………… . $30.51
VOLUME…………………….46,000
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Daly Gold Report(61)
Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Thursday, April 12, 2012 at 2:08 PM
Gold Settled $20.30 Higher … ($1680.60)
Today’s June Gold Futures traded a very choppy and volatile $30.30 range as traders reacted to the unexpected rise in Initial Jobless Claims. The U.S Department of Labor reported that initial claims rose by 13,000 (380,000) and prompting investors to speculate that the labor market recovery may be slowing. The weakness of the U.S Dollar and Higher Crude Oil prices also supported and fueled higher precious metals prices today. Also the geo-political tension with Iran, Syria, and North Korea also have investors seeking the precious metals as their: safe haven” alternative investment of choice. It also appears that individual investors are once buying Gold jewelry, coins, and physical Gold bars in order to have tangible assets.
Gold bugs beware! FOMC Chairman Ben Bernanke is speaking tomorrow. Ben Bernanke has single handedly sank the precious metals during his last three speeches…This may explain today’s very light day session volume…
ECONOMIC DATA 4/13
CPI……………………….7:30 AM. CST.
REAL EARNING………..7:30 AM CST
MY SWING NUMBERS 4/13
RESISTANCE # 2…………$1701.00
RESISTANCE # 1…………$1691.00
PIVOT…………………… $1671.00
SUPPORT # 1……………..$1661.00
SUPPORT # 2……………..$1641.00
VOLUME……………………103,000
MAY SILVER
RESISTANCE # 2…………$33.33
RESISTANCE # 1…………$32.92
PIVOT………………………$32.17
SUPPORT # 1……………..$31.76
SUPPORT # 2……………..$31.01
VOLUME………………… 39,000
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Daly Gold Report(60)
Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Tuesday, April 10, 2012 at 3:16 PM
Gold Settled $16.80 Higher … ($1660.70)
Today’s June Gold Futures session covered a very choppy and volatile $32.30 range.
The Low of the session was $1632.50(9:50 cst) and approximately 11:20 (cst) the market began
to rally trading the high of the day ($1664.80) just one hour later. Apparently the economic data out of China and the geo-political tension with Iran, Syria, and North Korea have convinced global investors and traders to choose Gold as there “safe haven” alternative investment choice.
However, despite this recent rally from $1613.00 (April 4th) traders and investors alike will be watching FOMC Chairman Ben Bernanke’s comments very closely on Friday April 13th.
Chairman Bernanke has single handedly sank the Gold market the last 3 times he spoke.
The scenario may be a bit different Friday due to the poor Unemployment Data released last Friday. So maybe the script will change somewhat…. We shall see soon enough.
MY SWING NUMBERS 4/11
JUNE GOLD
RESISTANCE # 2…………….$1685.00
RESISTANCE # 1…………….$1673.00
PIVOT………………………… $1653.00
SUPPORT # 1…………………$1641.00
SUPPORT # 2…………………$1621.00
VOLUME……………………….83,000
MAY SILVER
RESISTANCE # 2……………..$32.41
RESISTANCE # 1……………..$32.04
PIVOT…………………………. $31.57
SUPPORT # 1…………………$31.20
SUPPORT # 2…………………$30.73
VOLUME……………………….34,000
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Daly Gold Report(59)
Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Monday, April 09, 2012 at 2:06 PM
Gold Settled $13.80 Higher … ($1643.90)
Today’s June Gold Futures traded a quiet $13.20 range on fairly light volume.
Friday’s Unemployment number for the March reading of non-farm payrolls is +120,000 and the net change for the private sector was +121,000. Total payrolls were expected to be 205,000 and the estimate for the private sector was 215,000. Both numbers were worse than expected.
High inflation in China coupled with the heightened geo-political tension in Iran and North Korea may be making gold more appealing as a “safe haven” investment choice. Iran’s Foreign Minister Ali Akbar Salehi was quoted by Iranian Media as saying “that Tehran would not agree to world powers imposing pre-conditions before the nuclear talks” which will resume in Istanbul after collapsing more than a year ago. “Setting conditions before the meeting means drawing conclusions, which is completely meaningless and none of the parties will accept conditions set before the talks”. Iran’s Supreme National Security Council announced that talks between Tehran and the 5+1 group will be held in Istanbul on April 14th. (The 5 permanent members of the UN Security Council consist of the USA, China, Russia, France, & Britain. PLUS Germany)…
The U.S and its allies are concerned that Iran developing atomic weapon capability….
Washington has not ruled out military against Tehran if diplomacy fails. North Korea is planning on testing and launching missiles despite a strong warning from the West. As the geo-political sabre rattling continues it appears savvier investors are choosing Gold over fiat currencies…
MY SWING NUMBERS 4/10
JUNE GOLD
RESISTANCE # 2…………$1657.00
RESISTANCE # 1…………$1651.00
PIVOT………………………$1644.00
SUPPORT # 1……………..$1644.00
SUPPORT # 2……………..$1631.00
VOLUME……………………128,000
MAY SILVER
RESISTANCE # 2…………$32.45
RESISTANCE # 1…………$32.01
PIVOT………………………$31.66
SUPPORT #1………………$31.21
SUPPORT # 2……………..$30.87
VOLUME…………………..40,000
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Daly Gold Report(58)
Precious Metals Market Comment
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Thursday, April 05, 2012 at 1:49 PM
Gold Settled $14.10 Higher … ($1630.10)
Today’s June Gold futures session covered a quiet $16.00 range as traders re-entered the Gold market after a $69.70 move from high to low in the previous two trading sessions. Prior to the release of the FOMC’s minutes from their march meeting June Gold was trading as high as $1682.70 on Tuesday and as low as $1613.00 on Wednesday. Today’s higher close may be part profit taking in front of the three day Easter Holiday weekend as well a “bargain buying” opportunity. Despite the huge sell-off the previous two trading sessions the Gold market did hold the key $1610 -$1615 support level…Traders also may want nothing to do with any precious metals positions as tomorrows UNEMPLOYMENT DATA will be released despite the fact that all U.S Exchanges will be CLOSED due to the observance of Good Friday !!!!!
NEWS FROM THE WEEK:
Wednesday:
Today’s June Gold Futures traded a hug $36.50 range and the fall-out from yesterday’s released minutes from the FOMC. The after session sell-off yesterday continued into the overnight session as the selloff triggered STOP-LOSS orders and liquidated many long positions. Traders will be eyeing tomorrow’s economic data and certainly watching the Friday’s Unemployment number despite the fact that U.S exchanges are closed Friday in observance of GOOD FRIDAY…. Anything could happen…The FOMC has reiterated there would be no more easing in the short term…This was the same message that they released on February 29th that also crushed the Gold market sending it as low as $1680.00….trading $114.00 lower from the sessions $1794.30 high before settling at $1714.00 for the day…
Tuesday:
Today’s June Gold Futures traded a very technical $14.10 range throughout the day session.
The June contract traded a high of $1682.70 and a low of $1668.60. However, after the day session closed at 12:30(CST) the FOMC released its minutes from March’s meeting.
Once again the FOMC crushed the precious metals in the late session as they released almost the exact same speech as their last. Including the following headlines:
The following are newswire headlines about the March FOMC minutes:
FOMC saw no need to ease anew unless growth slows….
See’s economy “expanding moderately” last month….
Said labor market conditions had improved……..
Housing market remained depressed; expect it to slowly recover…..
Most FOMC members saw “little evidence of cost pressures”……..
Expected recovery to gradually strengthen…..
Significant outlook change could alter 2014 rate plan…..
In the aftermath of FOMC meeting minutes June Gold was trading under $1650.00 per ounce.
Monday:
Today’s June Gold Futures traded a very technical $21.00 range. The traded a high of $1685.40 and a low of $1664.40. My support level coming into today’s trade was $1664.00 and my resistance level was $1686.00. The 2nd fiscal quarter started with a $7.80 rally as decent economic numbers out of China and higher Crude Oil prices were the engines that powered today’s rally. May Crude Oil Futures traded as high as $105.44 per barrel as of this post.
Traders will be eyeing the $1699.00 -$1700.00 level as psychological resistance level as it has been able to trade above the $1700 level since 3/13. This being a Holiday shortened week (Exchange closed Friday 3/6) in observance of Good Friday I suspect the volume will dip however, with the vast amount of U.S economic data due out this week including Unemployment which is scheduled to be released on GOOD FRIDAY I expect the volatility to remain high…………
HAPPY EASTER ……
MY SWING NUMBERS 4/9
JUNE GOLD
RESISTANCE # 2………………$1643.00
RESISTANCE # 1………………$1637.00
PIVOT……………………………$1629.00
SUPPORT # 1…………………..$1622.00
SUPPORT # 2…………………..$1615.00
VOLUME…………………………202,000
MAY SILVER
RESISTANCE # 2………………$32.21
RESISTANCE # 1………………$31.96
PIVOT……………………………$31.34
SUPPORT # 1…………………..$3134
SUPPORT # 2…………………..$30.73
VOLUME…………………………63000
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Daly Gold Report(57)
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Wednesday, April 04, 2012 at 2:13 PM
Gold Settled $57.90 Lower … ($1614.10)
Today’s June Gold Futures traded a hug $36.50 range and the fall-out from yesterday’s released minutes from the FOMC. The after session sell-off yesterday continued into the overnight session as the selloff triggered STOP-LOSS orders and liquidated many long positions. Traders will be eyeing tomorrow’s economic data and certainly watching the Friday’s Unemployment number despite the fact that U.S exchanges are closed Friday in observance of GOOD FRIDAY…. Anything could happen…The FOMC has reiterated there would be no more easing in the short term…This was the same message that they released on February 29th that also crushed the Gold market sending it as low as $1680.00….trading $114.00 lower from the sessions $1794.30 high before settling at $1714.00 for the day…
ECONOMIC DATA: 4/5
Export Sales………………. .7:30 am. cst.
Initial Jobless Claims…….. ..7:30 am. cst.
PPI…………………………. .7:30 am. cst.
U.S. Trade Balance………. .7:30 am. cst.
MY SWING NUMBERS 4/5
JUNE GOLD
RESISTANCE # 2…………..$1662.00
RESISTANCE # 1…………..$1637.00
PIVOT………………………..$1625.00
SUPPORT # 1………………$1602.00
SUPPORT # 2………………$1588.00
VOLUME…………………….156, 000
MAY SILVER
RESISTANCE # 2…………..$33.27
RESISTANCE # 1…………..$32.16
PIVOT………………………..$31.57
SUPPORT # 1………………$30.45
SUPPORT # 2………………$29.87
VOLUME…………………….45,000
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Daly Gold Report(56)
Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Tuesday, April 03, 2012 at 1:46 PM
Gold Settled $7.70 Lower … ($1672.00)
Today’s June Gold Futures traded a very technical $14.10 range throughout the day session.
The June contract traded a high of $1682.70 and a low of $1668.60. However, after the day session closed at 12:30(CST) the FOMC released its minutes from March’s meeting.
Once again the FOMC crushed the precious metals in the late session as they released almost the exact same speech as their last. Including the following headlines:
The following are newswire headlines about the March FOMC minutes:
FOMC saw no need to ease anew unless growth slows….
See’s economy “expanding moderately” last month….
Said labor market conditions had improved……..
Housing market remained depressed; expect it to slowly recover…..
Most FOMC members saw “little evidence of cost pressures”……..
Expected recovery to gradually strengthen…..
Significant outlook change could alter 2014 rate plan…..
In the aftermath of FOMC meeting minutes June Gold was trading under $1650.00 per ounce.
MY SWING NUMBERS FOR 4/4
JUNE GOLD
RESISTANCE # 2………….$1688.00
RESISTANCE # 1………….$1679.00
PIVOT………………………..$1674.00
SUPPORT # 1……………..$1666.00
SUPPORT # 2……………..$1660.00
VOLUME……………………110,000
MAY SILVER
RESISTANCE # 2…………$33.67
RESISTANCE # 1………..$33.46
PIVOT……………………… $33.09
SUPPORT # 1……………. $32.89
SUPPORT # 2……………. $32.51
VOLUME…………………..38,000
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Precious Metals Market Comments(5)
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Monday, April 02, 2012 at 4:09 AM
Gold Settled $17.00 Higher… ($1671.90)
Friday’s June Gold Futures trading session covered a $11.50 range.
Traders used higher Crude Oil and strong consumer spending data to buy the futures as we begin the 2nd fiscal quarter on Monday April 2nd.The jewelers strike in India has entered its 2nd week as they continue to protest the 4%+ tax duty on imported Gold. This week’s gold session has traded a very choppy and technical $52.60 range. The June contract traded a High of $1696.90 and a low of $1644.30 for the week. I expect the Gold market volatility and wide swings to continue due to uncertainty concerning the Feds commitment to easing and the geo-political tensions with Iran and North Korea over their nuclear programs.
Thursday:
Traders were tentative in there trading strategies today as FOMC Chairman Ben Bernanke lectured at George Washington University and as we Gold bugs are aware “when Mr. Bernanke speaks the markets react”. Some of the highlights from his lecture are as follows. Bernanke said” central banks must maintain their financial stability” Central banks have helped prevent the repeat of a depression”. This financial crisis and recession has been a major trauma to the economy”. The U.S. department of Labor reported that Initial Jobless Claims was 359,000. This was worse than the 359,00 that had been projected. Today’s early to mid-session sell-off (taking the market as low as $1644.30) may have been early profit taking as tomorrow ends the 1st fiscal quarter of the year…
Wednesday:
Today’s April Gold Futures traded a very choppy $30.50 range as traders remain skeptical with the economic data as well as the geo-political climate in the middle-east. It appeared that investor and traders used falling Crude oil prices coupled with Chairman Ben Bernanke’s lack of a definite commitment to take profits and move money into the stronger U.S Dollar.
Technically the Gold market broke through the $1670.00 support level today and the next support level is around the $1645.00 level. Traders may also be waiting to see the data for tomorrows Initial Jobless Claims and Export Sales reports. Despite reports that a Pentagon official said the United States suspended food aid to North Korea due to planned missile test the gold market could not retain or maintain any rally momentum today.
Tuesday:
Today’s April Gold Futures traded a very choppy yet technical $17.40 range consisting of high of $1696.90 and a low of $1679.50.It appeared that traders were very tentative after the market could not hold momentum and take out the $1697.00 resistance level and may have taken some profits after yesterday’s $23 plus rally. The Indian government’s increasing tax raises on gold imports has uproar from India’s jewelers and traders. Recently the Indian government’s budget doubled the customs duty on gold imports. However, India has a free trade agreement with Thailand and creating a loophole for gold importers enabling the jewelers of India the right to import gold jewelry from Thailand (and melt and resell) at a much cheaper rate.
A stronger U.S Dollar versus the Euro was also pressuring gold to the downside.
Traders may also be eyeing ABC NEWS tonight as they are scheduled to interview FOMC Chairman Ben Bernanke. As we gold bugs have discovered Mr. Bernanke moves the gold
market (in both directions)…..So maybe traders are just being cautious…..
Monday:
Today’s April Gold Futures session traded a $32.70 range as traders and investors alike viewed today’s economic and geo-political news as “bullish” for precious metals. Federal Reserve Chairman Ben Bernanke addressed the NABE (National Association for Business Economics) suggested the U.S central bank would continue supportive monetary policies even as the unemployment rate improves according to Reuters. Chairman Bernanke stated “ further significant improvements in the unemployment rate will likely require a more rapid expansion of production and demand from consumers and businesses, a process that can be supported by continued accommodative policies”….More easing ???? The market also seemed to react to president Obama’s comments regarding Iran. He stated that there was still time to end the geo-political tension through diplomacy however, time was running out. President Obama also sent North Korea a message urging them to change course on their quest to acquire nuclear capability..Both Iran and North Korea are heavily sanctioned for their pursuit of nuclear power.
The jewelers of India remain on strike as they are boycotting a proposed hike in import duties.
This has diminished the buying of physical bullion by the world’s largest consumer.
Despite this strike from the BBA (Bombay Bullion Association) Gold has rallied over $44.00 in the last two sessions…..
MYSWING NUMBERS 4/2
JUNE GOLD
RESISTANCE # 2……. $1686.00
RESISTANCE # 1……. $1677.00
PIVOT………………… $1669.00
SUPPORT # 1………… $1665.00
SUPPORT # 2…………$1652.00
VOLUME……………….111, 000
MAY SILVER
RESISTANCE # 2…….. $32.90
RESISTANCE # 1…….. $32.69
PIVOT………………….. $32.41
SUPPORT # 1…………. $32.19
SUPPORT # 2…………. $31.92
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Daly Gold Report(55)
Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Monday, April 02, 2012 at 1:55 PM
Gold Settled $7.80 Higher… ($1679.70)
Today’s June Gold Futures traded a very technical $21.00 range. The traded a high of $1685.40 and a low of $1664.40. My support level coming into today’s trade was $1664.00 and my resistance level was $1686.00. The 2nd fiscal quarter started with a $7.80 rally as decent economic numbers out of China and higher Crude Oil prices were the engines that powered today’s rally. May Crude Oil Futures traded as high as $105.44 per barrel as of this post.
Traders will be eyeing the $1699.00 -$1700.00 level as psychological resistance level as it has been able to trade above the $1700 level since 3/13. This being a Holiday shortened week (Exchange closed Friday 3/6) in observance of Good Friday I suspect the volume will dip however, with the vast amount of U.S economic data due out this week including Unemployment which is scheduled to be released on GOOD FRIDAY I expect the volatility to remain high….
Economic Data 4/3
FACTORY ORDERS……….9:00 AM. CST.
MY SWING NUMBERS 4/3
JUNE GOLD
RESISTANCE # 2…………..$1698.00
RESISTANCE # 1…………..$1690.00
PIVOT………………………..$1677.00
SUPPORT # 1………………$1668.00
SUPPORT # 2………………$1656.00
VOLUME…………………….111, 000
MAY SILVER
RESISTANCE # 2…………..$33.81
RESISTANCE # 1…………..$33.46
PIVOT………………………..$32.90
SUPPORT # 1………………$32.54
SUPPORT # 2………………$31.99
VOLUME…………………….30,000
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Daly Gold Report(54)
Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Thursday, March 29, 2012 at 1:18 PM
Gold Settled $5.70 Lower … ($1656.20)
Today’s April Gold Futures session traded a very technical and choppy $20.20 range.
Traders were tentative in there trading strategies today as FOMC Chairman Ben Bernanke lectured at George Washington University and as we Gold bugs are aware “when Mr. Bernanke speaks the markets react”. Some of the highlights from his lecture are as follows. Bernanke said” central banks must maintain their financial stability” Central banks have helped prevent the repeat of a depression”. This financial crisis and recession has been a major trauma to the economy”. The U.S. department of Labor reported that Initial Jobless Claims was 359,000. This was worse than the 359,00 that had been projected. Today’s early to mid-session sell-off (taking the market as low as $1644.30) may have been early profit taking as tomorrow ends the 1st fiscal quarter of the year…
ECONOMIC DATA 3/30
Personal Income…………7:30 AM. CST.
MY SWING NUMBERS 3/30
RESISTANCE # 2…………. $1674.00
RESISTANCE # 1………….. $1664.00
PIVOT………………………. $1654.00
SUPPORT # 1………………$1643.00
SUPPORT # 2………………$1634.00
VOLUME……………………..193,000
MAY SILVER
RESISTANCE # 2……………$32.47
RESISTANCE # 1……………$32.23
PIVOT…………………………$31.93
SUPPORT # 1………………. $31.69
SUPPORT # 2………………. $31.38
VOLUME………………………28,000
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Daly Gold Report(53)
Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Wednesday, March 28, 2012 at 1:42 PM
Gold Settled $27.00 Lower … ($1657.90)
Today’s April Gold Futures traded a very choppy $30.50 range as traders remain skeptical with the economic data as well as the geo-political climate in the middle-east. It appeared that investor and traders used falling Crude oil prices coupled with Chairman Ben Bernanke’s lack of a definite commitment to take profits and move money into the stronger U.S Dollar.
Technically the Gold market broke through the $1670.00 support level today and the next support level is around the $1645.00 level. Traders may also be waiting to see the data for tomorrows Initial Jobless Claims and Export Sales reports. Despite reports that a Pentagon official said the United States suspended food aid to North Korea due to planned missile test the gold market could not retain or maintain any rally momentum today.
ECONOMIC DATA: 3/29
Initial Jobless Claims…………….7:30 am. cst.
Export Sales………………………7:30 am. cst.
MY SWING NUMBERS 3/29
APRIL GOLD
RESISTANCE # 2…………$1695.00
RESISTANCE # 1…………$1676.00
PIVOT………………………$1665.00
SUPPORT # 1……………..$1646.00
SUPPORT # 2……………..$1635.00
VOLUME……………………170,000
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Daly Gold Report(52)
Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Tuesday, March 27, 2012 at 2:26 PM
Gold Settled .70 Cents Lower … ($1684.90)
Today’s April Gold Futures traded a very choppy yet technical $17.40 range consisting of high of $1696.90 and a low of $1679.50. it appeared that traders were very tentative after the market could not hold momentum and take out the $1697.00 resistance level and may have taken some profits after yesterday’s $23 plus rally. The Indian government’s increasing tax raises on gold imports has uproar from India’s jewelers and traders. Recently the Indian government’s budget doubled the customs duty on gold imports. However, India has a free trade agreement with Thailand and creating a loophole for gold importers enabling the jewelers of India the right to import gold jewelry from Thailand (and melt and resell) at a much cheaper rate.
A stronger U.S Dollar versus the Euro was also pressuring gold to the downside.
Traders may also be eyeing ABC NEWS tonight as they are scheduled to interview FOMC Chairman Ben Bernanke. As we gold bugs have discovered Mr. Bernanke moves the gold
market (in both directions)…..So maybe traders are just being cautious…..
Silver traded a 57.5 Cent range and the May Future settled at $32.61.6 per ounce….
ECONOMIC DATA: 3/28
DURABLE GOODS……….7:30 AM. CST.
MY SWING NUMBERS 3/28
APRIL GOLD
RESISTANCE # 2…………. $1704.00
RESISTANCE # 1…………. $1695.00
PIVOT………………………. $1687.00
SUPPORT # 1……………….$1677.00
SUPPORT # 2………………$1670.00
VOLUME……………………..153,000
MAY SILVER
RESISTANCE # 2……………$33.38
RESISTANCE # 1……………$33.01
PIVOT…………………………$32.81
SUPPORT # 1………………. $32.43
SUPPORT # 2………………..$32.24
VOLUME…………………… 28,000
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Daly Gold Report(51)
Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Monday, March 26, 2012 at 2:04 PM
Gold Settled $23.20 Higher … ($1685.60)
Today’s April Gold Futures session traded a $32.70 range as traders and investors alike viewed today’s economic and geo-political news as “bullish” for precious metals. Federal Reserve Chairman Ben Bernanke addressed the NABE (National Association for Business Economics) suggested the U.S central bank would continue supportive monetary policies even as the unemployment rate improves according to Reuters. Chairman Bernanke stated “ further significant improvements in the unemployment rate will likely require a more rapid expansion of production and demand from consumers and businesses, a process that can be supported by continued accommodative policies”….More easing ???? The market also seemed to react to president Obama’s comments regarding Iran. He stated that there was still time to end the geo-political tension through diplomacy however, time was running out. President Obama also sent North Korea a message urging them to change course on their quest to acquire nuclear capability..Both Iran and North Korea are heavily sanctioned for their pursuit of nuclear power.
The jewelers of India remain on strike as they are boycotting a proposed hike in import duties.
This has diminished the buying of physical bullion by the world’s largest consumer.
Despite this strike from the BBA (Bombay Bullion Association) Gold has rallied over $44.00 in the last two sessions…..
Economic Data 3/27
CONSUMER CONFIDENCE…………9:00 AM. CST.
MY SWING NUMBERS 3/27
APRIL GOLD
RESISTANCE # 2…………………..$1709.00
RESISTANCE # 1…………………..$1697.00
PIVOT………………………………..$1676.00
SUPPORT # 1………………………$1665.00
SUPPORT # 2………………………$1643.00
VOLUME……………………………..175,000
MAY SILVER
RESISTANCE # 2…………………..$33.42
RESISTANCE # 1…………………..$33.08
PIVOT………………………………..$32.55
SUPPORT # 1………………………$32.22
SUPPORT # 2………………………$31.68
VOLUME…………………………….27,000
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.