Gold Settles $5.70 Lower Today… ($1224.50)

Today's Globex market traded a vast $18.40 range as global investors continue to decipher economic data. It has been reported that 18 of the 19 industries in the Stoxx Europe 600 Index rose as industrial production increased greater than analysts predicted in April. This was certainly well received as the rallied and sent the U.S Dollar south.

The Gold which has for the most part ¬†been following the Dollar as investors have been using the weaker Euro to buy Gold as a flight to "safer havens". Since the Euro and Dollar trade in opposite directions ¬† today's stronger Euro may have persuaded gold bugs to take some profits as the Gold market followed the weaker Dollar…

Later in the session we learned that Moody's Investors Service downgraded Greece's government bond ratings into junk status. Moody's dropped Greece's rating to Ba 1….(junk bond status)…. The outlook was projected as stable….

However, this decision by Moody's helped to rally the gold late in the session as investors had to rethink their strategies….

The underlying Physical demand for gold bullion is huge. There still remains geo-political tension globally. The volatility and the choppy markets should continue.

SWING NUMBERS FOR 6/15 AUGUST GOLD…

RESISTANCE # 2………..$1244.00

RESISTANCE # 1………..$1234.00

PIVOT ………………………$1226.00

SUPPORT # 1…………… $1216.00

SUPPORT # 2…………….$1208.00

Mike Daly / Gold Specialist

PFG BEST

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312-563-8029

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