Gold Settles $3.50 Higher… ($1245.90)

Today's Globex market covered a $12.90 range as it appeared traders were waiting on tomorrow's economic reports as well as Friday's unemployment (7:30 am) data. With the upcoming three day 4th of July weekend approaching I believe many traders are unwinding positions and waiting until after the holiday to re-enter the market.

A stronger euro and the U.S Dollar weakness helped to rally Gold today and the continuation of strong demand for bullion world-wide is still the key underlying fundamental fueling high prices. Supply and Demand…….


There were some noteworthy headlines today… Charles Evans, President of the federal reserve Bank of Chicago said' he's wary of calls for further central-bank purchases  of assets aimed at stimulating the economy while dismissing fears that the U.S recovery is faltering"…..

He also stated "I am expecting the growth to continue…the Recovery is definitely on" but " he was not optimistic about The pace of the unemployment growth in coming months"…

Federal Reserve Bank of Atlanta President Dennis Lockhart stated "the U.S. economic recovery isn't sustainable enough yet to warrant raising interest rates or shrinking the central banks near-record balance sheet"  As of this posting it was revealed that Moody's was reviewing Spain's rating for a possible downgrade……………..

Thursday's Economic data…………7/1

Export Sales…………….7:00 am  (CST)

Initial jobless claims…7:30 am (CST)

My swing numbers 7/1 August Gold

RESISTANCE # 2……………….$1256.00

RESISTANCE # 1……………….$1251.00

PIVOT………………………………$1243.00

SUPPORT # 1…………………..$1238.00

SUPPORT # 2…………………..$1230.00

Mike Daly / Gold Specialist

PFG BEST

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