Daly Gold Report 3/10 Wednesday, March 10, 2010 by Mike Daly of PFGBest

3/10

Gold Settled $14.20 Lower Today… ($1108.10)

 

Today’s Gold trade between the support and resistance

levels in a very choppy and volatile $25.20 range.

The terms concerning the Greek credit crisis are

are weighing on the gold as investors are concerned

with the pace of global recovery.

 

The Peoples Bank of China is hinting they considering

raising rates again to help slow its economy which is

bearish for Gold. However the jewelers of India

have shown an insatiable appetite for Gold

and have been purchasing bullion after price dips.

They have been “bargain hunting” buyers.

 

Gold has been unable to retain gains as the Euro

has been under pressure basically for 3 months

therefore fueling the U.S dollars strength.

 

I also believe traders are waiting for the Thursday

3/11 economic numbers….

 

Reports: 3/11

EXPORT SALES……………..7:30 AM (CST)

INITIAL JOBLESS CLAIMS…7:30 AM (CST)

U.S TRADE BALANCE……...7:30 AM (CST)

 

SWING NUMBERS….3/11 APRIL GOLD

RESISTANCE # 2………..$1138.00

RESISTANCE # 1………..$1123.00

PIVOT……………………..$1113.00

SUPPORT # 1……………$1098.00

SUPPORT # 2……………$1088.00

 

 

Mike Daly / Gold Specialist

PFG BEST

mdaly@pfgbest.com 

877-294-4669

312-775-3014

312-563-8029

 

*there is extreme risk trading futures, options, and forex*

 

 

 

 

 

 

 

 

 

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About the author

Mike Daly joined PFGBEST Research in 2009 with more than 25 years of experience as a gold trader and market specialist.

He was a floor trader at the Chicago Mercantile Exchange, Chicago Board of Trade and Chicago Board Options Exchange for the first two decades.  He joined the renowned gold brokerage J. Aron in 1979 and served as a senior gold broker and market analyst for four years, and then continued another two years there after J. Aron was acquired by Goldman Sachs in 1982.  He was charged with keeping vast spread markets in line and was a global gold market maker for the firm.

From there he continued as a licensed independent broker on the CME floor in the S&P 500 stock index futures trading pit while also monitoring and trading gold markets.

He joined Alaron Trading Corp. in 2007 as a senior broker then came on board PFGBEST through the acquisition of the customer assets of Alaron in spring of 2009.

Mike is regularly quoted in broadcast and print media venues and is widely available to share his precious metals and trading background, knowledge and experience as an interview source, educator and spokesperson. 

Mike Daly
Sr. Precious Metals Analyst
PFGBEST Research

Phone: 877.294.4669 or 312-563-8029
Email: mdaly@pfgbest.com

PFGBEST is among the largest non-clearing U.S. Futures Commission Merchants, with customers, affiliates and brokerage offices in more than 80 countries. The company is a leader in sustainable investing through diversified products including managed funds, futures, forex, options, full-service and discount brokerage, trader education, market research, and direct online futures trading through its BESTDirect® platform, and numerous other platforms and applications.