Daly Gold Report 3/18 for 3/19 Thursday, March 18, 2010 by Mike Daly of PFGBest

 

Daly Gold Report  3-18-2010

High-1129.5   Low 1118.2  Close 1127.5

Gold rose today $3.30 in trading today as further worries on the Greek debt crisis loom large in investors minds. It is that worry that had the bulls in control for most of the day. Even a strong U. S. Dollar could not keep gold from selling off as investors continue to put money in hard assets like   gold and silver. Jobless claims that came out this morning told investors little as they came in as expected. With the unemployment numbers not   getting any better and an international debt crisis that still looms in Europe, there is still a general uncertainty that   prevails upon Investors. Coupled with the fact on a technical basis that  Gold has held the 1100 level the past few weeks, it is in my opinion   that this market has more room to the upside. 

Swing numbers for 3-19

2nd Support       1113.7

1st  support          1120.5

Pivot                     1125.0

1st resistance     1131.8

2nd resistance    1136.3

 

 

Mike Daly / Gold Specialist

PFG BEST

mdaly@pfgbest.com 

877-294-4669

312-563-8029

312-775-3014

 

*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.