Gold Settles $11.10 Lower… ($1198.70)

Once again today's gold market covered a vast range ($17.40) and traded in a very technical manner. The global demand for physical gold remains high however, the recent sell-off in the gold market may suggest some profit taking and the moving of  monies into the  global equity markets as investors are looking for a better "bang for their buck"……


Federal Reserve Chairman Ben Bernanke while delivering a speech was quoted as saying "Small businesses are central to creating jobs in our economy" adding "they employ roughly one – half of all Americans and account for about 60% of gross job creation"……..

He then stated " we have also been focused on strengthening  the nation's banks, so that they can resume normal lending as quickly as possible"… Creating jobs and helping small business is the road to economic recovery in my opinion…. It has certainly become evident that many investors disposable income has become their priority income.

The news from the European Union is unchanged as the nervous economic tensions persist and bullion demand remains high  as their situation has become common place  with investors world-wide…

REPORTS: JULY 13th

U.S. TRADE BALANCE………7:30 am (CST)

MY SWING NUMBERS FOR 7/13

AUGUST GOLD  RESISTANCE # 2…………………$1220.00

RESISTANCE # 1…………………$1210.00

PIVOT………………………………..$1203.00

SUPPORT # 1……………………..$1192.00

SUPPORT # 2……………………..$1186.00

Mike Daly / Gold Specialist

PFG BEST

[email protected]

877-294-4669

312-563-8029

*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, and FOREX*