Gold Settles $4.60 Higher... ($1616.80)

Today's Gold session covered a very tight and conservative range as traders and investors alike maybe speculating that a agreement by United States Legislators to raise the debt ceiling may be creeping a bit closer. It is evident that the pressure is on the President and congress to get an agreement done. Gold has been fueled by the global uncertainty causing prices to trade all-time highs... If the U.S which is the largest economy in the world defaulted on its payrolls in my opinion it could cause a global financial shockwave that would shake the world's economy... I believe the U.S legislators are well aware of the ramifications as well as they're political futures if this agreement does not get done! So in my opinion I believe traders are trading the news and rumors And since there has been little clarity regarding the debt ceiling today it made traders cautious ....

There are reports that the citizens of Syria have once again. Taken To the streets of Damascus in opposition to that nations government régime...Reports claim almost 1.5 million citizens are involved.... There is a Media blackout....and denials from Syria....!!!!!

MY SWING NUMBERS FOR 7/27

AUGUST GOLD
RESISTANCE # 2......$1624.00
RESISTANCE # 1......$1620.00
PIVOT......................$1614.00
SUPPORT # 1..........$1611.00
SUPPORT # 2..........$1604.00
VOLUME..................168,000

SEPTEMBER SILVER
RESISTANCE # 2............$41.34
RESISTANCE # 1............$41.03
PIVOT............................$40.52
SUPPORT # 1...............$40.19
SUPPORT # 2...............$39.70
VOLUME.......................43,000

Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
312-563-8029
877-294-4669