Gold Settles $1.70 Lower ... ($1615.10)

Today's Gold session covered a very volatile $19.90 range including notching another all-time high before a mid-session profit taking sell-off. August futures traded $1628.80 early in the day session as trader speculation regarding a non-agreement regarding the debt ceiling fueled another rally and all-time high in the Gold market. Mid-session traders took profits as the market ran out of momentum due in part to news stating the U.S Legislators may be getting closer to an agreement. Also according to Standard and Poor's President Deven Sharma......

Also Standard and Poor's downgraded Greece again !!!

They were downgraded from CCC - CC.................

NEWS WIRES (Sacramento B) WASHINGTON -

 The head of a top credit rating agency says that some of the deficit-cutting plans being considered by Congress could bring the U.S. debt burden down to a level that would allow the country to keep its triple-A credit rating.

Standard & Poor's President Deven Sharma told a congressional panel on Wednesday that previous reports indication that Congress would need to achieve $4 trillion in deficit cuts over 10 years to retain the country's top credit rating were inaccurate............................

ECONOMIC DATA....7/28
INITIAL JOBLESS CLAIMS..................7:30 am. Cst.
EXPORT SALES................................7:30 am. Cst.

MYSWING NUMBERS FOR 7/28

AUGUST GOLD
RESISTANCE # 2.......................$1638.00
RESISTANCE # 1.......................$1627.00
PIVOT......................................$1618.00
SUPPORT # 1...........................$1606.00
SUPPORT # 2...........................$1598.00
VOLUME...................................197,000

SEPTEMBER SILVER
RESISTANCE # 2........................$42.00
RESISTANCE # 1........................$41.29
PIVOT.......................................$40.75
SUPPORT # 1.............................$40.03
SUPPORT # 2.............................$39.50
VOLUME....................................69,000

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

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