Gold Settles $4.00 Lower … ($1630.60)
Today’s February Gold Futures traded a vast $36.00 range on very light volume.
The contract traded a high of $1643.70 and a low of $1607.70 for the session.
Apparently despite yesterdays 150 billion Euro pledge from Europe to the IMF to help curb the regions debt crisis has not convinced global investors that the fragility in the European Union has lessened. The U.s Dollar regained its appeal as the investment currency of choice. It was reported that standard and poor’s had cut Hungary rating to “Junk Bond” status and added the forecast is negative.
The March Silver contract settled 28.7 cents lower and closing at $29.24.9 for the session.
ECONOMIC DATA 12/22
EXPORT SALES……………..7:30 AM. CST.
GDP……………………………7:30 AM. CST.
INITIAL JOBLESS CLAIMS… 7:30 AM.CST.
MY SWING NUMBERS 12/22
FEBRUARY GOLD
RESISTANCE # 2………………$1658.00
RESISTANCE # 1………………$1636.00
PIVOT …………………………..$1622.00
SUPPORT # 1…………………..$1600.00
SUPPORT # 2…………………..$1586.00
VOLUME …………………………101,000
MARCH SILVER
RESISTANCE # 2……………….$30.58
RESISTANCE # 1……………….$29.83
PIVOT ……………………………$29.53
SUPPORT # 1………………..$28.85
SUPPORT # 2………………..$28.45