Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Wednesday, January 25, 2012 at 2:27 PM
Gold Settles $35.60 Higher … ($1700.10)
Today’s February Gold Futures session traded a very volatile $54.10 range. The market rallied hard after the 11:30 CST. FOMC news release stating that there would be no ate increase through at least late 2014. They also stated that expect to maintain a highly accommodative monetary policy. This may indicate more easing in the future. The Gold market rallied from the $1666 level to the daily high $1703.30 in less than 1 hour. It appears that traders are seeing this action as U.S Dollar negative and precious metals friendly. The FOMC stated that the economy was expanding at a moderate pace and the high unemployment levels and depressed housing numbers remain a drag on the economy…
There still remains a large physical gold bullion presence from the Asian sector.
Silver also rallied strong settling at $33.12.1…$114.6 higher for the day…..
My swing numbers 1/26
February Gold
RESISTANCE # 2………$1738.00
RESISTANCE # 1………$1719.00
PIVOT…………………...$1684.00
SUPPORT # 1…………..$1665.00
SUPPORT # 2…………..$1630.00
VOLUME………………...137,000
March Silver
RESISTANCE # 2……….$34.45
RESISTANCE # 1……….$33.80
PIVOT……………………$32.66
SUPPORT # 1…………...$31.99
SUPPORT # 2…………...$30.90
VOLUME…………………29,000
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