Precious Metals Market Comments

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com
Thursday, February 09, 2012 at 2:10 PM

 Gold Settles $9.90 Higher … ($1741.20)

Today’s April Gold Futures traded a very choppy and volatile $27.20 range as the European Union’s fragility has traders scrambling to form their trading strategies. The news from the Euro region remains sketchy at best. Early on in the trading session we had heard that the Greek government had agreed to tougher austerity measures and their budget. This along with Higher Crude oil prices helped fuel the early precious metals rally. April Gold traded as high as $1755.50 per ounce early in the trading session. Mid to late in the trading session reports from
The Associated Press (Brussels) released a statement from Germany’s Finance Minister Wolfgang Schaeuble raising concerns that the austerity measures were not sufficient, (Below)

      Brussels -- (AP) Germany's finance minister says a deal
between Greek party leaders on new spending cuts appears to not
yet fulfilled all the conditions for a euro130 billion ($173 billion bailout.
     Wolfgang Schaeuble says that "The agreement, as far as I
understand, is not at a stage where it can be signed off."
     Schaeuble says the conditions for the bailout include
bringing Greece's debt level down to 120 percent of GDP by
2020, limiting official rescue loans to euro130 billion and
getting approval from the Greek parliament.
     He said "'Those general requirements are not fulfilled yet”.

MY SWING NUMBERS 2/10
APRIL GOLD
RESISTANCE # 2………. $1767.00
RESISTANCE # 1………. $1756.00
PIVOT……………………. $1742.00
SUPPORT # 1……………$1728.00
SUPPORT # 2……………$1715.00
VOLUME………………….151,000

MARCH SILVER
RESISTANCE # 2…………$34.78
RESISTANCE # 1…………$34.35
PIVOT………………………$34.01
SUPPORT # 1……………..$33.57
SUPPORT # 2……………..$33.23
VOLUME…………………   55,000

THE WEEKLY INITIAL JOBLESS CLAIMS WAS 358,000. THIS WAS BETTER THAN THE 370,000 THAT WAS PROJECTED.

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.