Gold Settles $2.10 Higher…( $1187.50)
Today's Gold market traded in a quiet $11.40 range as it remains range bound between $1160.00 and $1200.00.Gold traders received some promising news today as the People's Bank of China had released a statement stating it would allow more Banks to import and export Gold in order to expand the Gold market in their country.
China is the world's largest producer and number two consumer behind India. China has been advising its citizens to purchase Gold, Silver, and Diamonds (tangible assets) to help them protect their new found wealth against global economic crisis.
China has boasted to the world that they intend to take their Gold reserves up to 10,000 metric tons within the next decade. There continues to be demand from the jewelers of India as they continue to re-stock their shelves for the September – December Wedding and Festival season in which Gold is the traditional gift of choice.
Reports: 8/4 NON-Manufacturing ……..9:00 am (CST)
My Swing Numbers 8/4
RESISTANCE # 2……$1199.00
RESISTANCE # 1…..$1193.00
SUPPORT # 1……….$1181.00
SUPPORT # 2……….$1175.00
Please do not hesitate to contact me with questions or comments…
Mike Daly / Gold Specialist
*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, and FOREX*