Gold Settles $1.70 Lower ... ($1613.40)

Today's Gold session covered a $17.80 choppy Range as traders continue to eye Washington in anticipation of some news regarding the approval or rejection of an agreement to raise the United States debt ceiling. Traders are split in their opinions regarding the passage of the bill. Believe it or not there are traders positioning themselves in the market anticipating a default and credit downgrade from AAA to AA....

It is almost unbelievable to me that the world's largest economy would want to set that kind of example to the world. The two parties both Democrats and republicans alike need to come together and get this debt ceiling thing done ! On a better note today's initial jobless Claims data was Better than expected as the United States Department of Labor reported that first time claims were 398,000 that was much better than the 415,000 that was projected.....

Reuters has indicated that the House of Representatives Is scheduled to vote on the Boehner debt bill around 4:45 - 5:15 pm CST. It has also been reported that if it is passed It will be promptly be amended by Sen. Harry Reid and sent back to the House of Representatives ...This sounds like political suicide....

ECONOMIC DATA 7/29
GDP.......9:00 am cst.

MY SWING NUMBERS 7/29
AUGUST GOLD....(December Tomorrow)
RESISTANCE # 2...........$1631.00
RESISTANCE # 1...........$1623.00
PIVOT...........................$1613.00
SUPPORT # 1...............$1604.00
SUPPORT # 2...............$1595.00
VOLUME.......................63,000

SEPTEMBER SILVER
RESISTANCE # 2..........$41.16
RESISTANCE # 1..........$40.48
PIVOT..........................$39.91
SUPPORT # 1...............$39.23
SUPPORT # 2...............$38.66
VOLUME.......................51,000

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

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