Gold Settles $14.80 Higher … ($1213.50)

Today’s gold traded covered a vast $22.30 range as a weaker U.S Dollar and stronger Crude oil prices helped to fuel the $14.80 gain for the yellow metal. News from the Euro Region started the Gold rally as we learned of Moody’s investors Service discoing to downgrade Portugal’s sovereign debt rating two levels, to A1 and cited a low growth prospect as well as the governments weakening financial position.

The Euro regions troubles have continued to aid the high price of Gold as investors continue to have concerns over the stability of the Euro as well as the European Equity markets….A lack of fiat currency Confidence has made gold bullion more appealing as a “Safe Haven’ alternative……

Reports: 7/14….

Business Inventories……7:30 am (CST)
Retail Sales…………………..7:30 am (CST)

My Swing Numbers 7/14 AUGUST GOLD
RESISTANCE # 2………….$1232.00
RESISTANCE # 1………….$1224.00
PIVOT…………………………$1210.00
SUPPORT # 1……………..$1201.00
SUPPORT # 2………………$1188.00

Mike Daly / Gold Specialist
PFG BEST
[email protected]
877-294-4669
312-563-8029

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