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Daly Gold Report 3/19
Friday, March 19, 2010
by Mike Daly of PFGBest
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Today’s Gold Settled $19.90 Lower… ($1107.60) India’s Central Bank unexpectedly raised interest rates For the first time since 2008 in an attempt slow their 16 month high inflation. This action started the avalanche sell-off today that was also fueled by traders taking profits in advance of the weekend. The U.S. Stock Market and the Gold also were pressured from speculation from economists that the Fed will raise the discount rate before the next FOMC meeting on April 28th. The upcoming wedding season (starts in April) has India’s Jewelers looking for price dips to purchase bullion for the upcoming ceremonies. They got one today! The Gold market shook out a lot of long positions today as the market had been trading very technically for the previous few weeks. However, with the European Union and the Euro continuing to be under siege with its debt crisis it has made the U.S. Dollar the currency of choice. For the most part a strong Dollar is negative for Gold. With all the negative Gold news today I am very surprised that the sell-off was not more extreme. My Swing numbers for Monday 3/22…April Gold RESISTANCE # 2…………..$1138.00 RESISTANCE # 1…………..$1123.00 PIVOT ……………………….$1112.00 SUPPORT # 1………………$1097.00 SUPPORT # 2………………$1085.00 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.
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