Gold Settles $1.40 Higher… ($1185.40)

Today's Gold traded a very choppy and volatile $17.20 range before settling higher on the session. There has been renewed interest for physical bullion Investors globally are choosing Gold as "safer haven' investment as an alternative to the fiat currencies.


The demand is certainly increasing from the Asian Sector as the Jewelers from India are purchasing Bullion in preparation for their upcoming Festival and Wedding season beginning In September and continuing through December.

Today's volatility was aided by lack of momentum and the possibility that traders are waiting on the Unemployment Data due out Friday August 6th at 7:30 am. I believe this data is causing traders to day trade the Gold instead of holding any positions.

Many investors look at the unemployment and housing data as a true test of the economic climate. ¬†Chairman of the Federal Reserve Ben Bernanke spoke to the Southern Legislators Conference of the Council of State Governments in Charlestown, South Carolina…

The following are some noteworthy comments….

"The recession as all of you know too well…has battered the budgets of state and local governments, primarily because tax revenues have declined sharply"…

"Medicaid spending is another source of pressure on State budgets. The recession and the weak job market have swelled the rolls of Medicaid participants. In 2009 the caseloads were 11 % above their 2007 level in the region represented by the SLC (Southern Legislative Conference, again similar to the average in all states"….

REPORTS: 8/3

Personal Income………..7:30 am (CST)

Factory Orders…………..9:00 am (CST)

PLEASE FEEL FREE TO CALL or EMAIL me with any questions you may have….

My Swing Numbers 8/3

RESISTANCE # 2………….$1202.00

RESISTANCE # 1………….$1193.00

PIVOT………………………..$1185.00

SUPPORT # 1……………..$1176.00

SUPPORT # 2……………..$1168.00

Mike Daly / Gold Specialist

PFG BEST

[email protected]

877-294-4669

312-563-8029

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