May 05, 2010 at 19:17 PM EDT
Daly Gold Report
Gold Settles $5.80 Higher .... ($1175.00) Another choppy and volatile day as investors experience a wild roller-coaster ride in the gold. The Globex (electronic market) covered a $20+ trading range as European Union uncertainty continues to fuel the global markets....

Gold Settles $5.80 Higher .... ($1175.00)

Another choppy and volatile day as investors experience a wild roller-coaster ride in the gold. The Globex (electronic market) covered a $20+ trading range as European Union uncertainty continues to fuel the global markets. This uncertainty has been the driving force in the recent appeal and rising prices in the gold as investors have chosen gold as their currency of choice as a "safe haven" in times of crisis.

Germany's Deputy Finance Minister Asmussen was quoted as saying "He had no knowledge that the European Central bank is going to buy Spanish or Portugal's "bonds".... " He is confident that German lawmakers will approve the Greek aid" and stating "Germany has a special responsibility to the Euro and Germany's policy will not be influenced by public opinion"....

European Central Bank Governing Council member Axel Webber stated that "the European Union needs tougher deficit rules and cited the "Greek crisis is mainly due to domestic reasons".... He also conceded that the strict implementation measures
imposed on Greece are "painful but necessary".... Greek citizens protested the measures and riots ensued.

It has been reported that Moody's is reviewing all 10 rated Portuguese banks for a possible downgrade...........

Goldman Sachs outlook revised to "NEGATIVE" from Stable ...by Fitch.....

Many Gold Bugs have pondered the possibility that the IMF (International Monetary Fund) may sell some of their 167 metric tons of Gold to help pay for the aid package to bail-out Greece. The IMF sold 18.5 tons in March. During this period Europe had reported they had increased their already vast reserves...

REPORTS: Thursday 5/6
EXPORT SALES......................7:30 AM (CST)
INITIAL JOBLESS CLAIMS....7:30 AM (CST)

MY SWING NUMBERS... 5/6... JUNE GOLD...
RESISTANCE # 2..............$1191.00
RESISTANCE # 1..............$1184.00
Pivot ................................$1170.00
SUPPORT # 1...................$1162.00
SUPPORT # 2...................$1149.00

LETS TALK GOLD !

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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