Gold Settles $4.00 Higher Today… ($1235.40)

HIGH….$1239.50  LOW…$1229.50

Today's Gold session traded a choppy $10.00 range as poor economic data rallied the market to  seven week high's before $1240.00 selling resistance stalled the "bull run".


More poor economic data from the United States Labor Department as they reported jobless filings increased 12,000 -500,000 for the week ending August 14th. (Highest since November 2009).

The poor Jobless claims coupled with the Philly Fed Index leading economic indicators showed the U.S is on track to grow at a slower pace than earlier in the year… The economic climate globally has been driving investors into the 'safer haven" precious metals… it is apparent investors have lost confidence in the fiat currencies…..

The Gold market continues to trade within the technical support and resistance levels consistently. The underlying support continues to come from the Asian sector as they prepare for their upcoming Wedding and Festival season (SEPTEMBER-DECEMBER)… The Jewelers will need to stock product for the insatiable demand….

There was some news worthy remarks today from members of the FOMC.  Kansas City Fed President Thomas Hoening continues to express his belief that interest rates need to be raised….

St. Louis Fed President James Bullard stated "the core of inflation is low, but still at manageable levels. And that any additional quantitative easing undertaken by the FOMC should be a disciplined reaction to further disinflation risks."…

MY SWING NUMBERS FOR 8/20…..DECEMBER GOLD

RESISTANCE # 2……………..$1245.00

RESISTANCE # 1……………..$1240.00

PIVOT…………………………….$1235.00

SUPPORT # 1………………….$1230.00

SUPPORT # 2………………….$1225.00

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*look for the weekly report tomorrow *

www.pfgbest.com research / metals…………..

Mike Daly / Gold Specialist

PFG BEST

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