Gold Settles $27.00 Higher ... ($1785.00)

Today's December Gold Futures contract covered a choppy and volatile $27.00 range as the market traded rallied based off the ever changing economic news... Early in today's session we learned that FITCH RATINGS affirmed its AAA rating on the United States CREDIT RATING. The latest recap reveals that both FITCH and MOODY'S have Affirmed the U.S rating at AAA and on August 5th 2011 STANDARD & POOR'S downgraded the U.S rating to AA+.... Also news from the European Union's economy has hit a wall... The Gross Domestic Product for the 27 nations that use the EURO Grew at a combined quarterly rate of 0.2%...It was the weakest growth rate in two years....

Germany's Chancellor Angela Merkel and French President Nicolas Sarkozy are meeting in Paris to discuss new measures stabilizing Euro region debt and calming global investor fears. It certainly seems fitting that the leaders of the TWO strongest economies in the region and shouldering much of the burden will be meeting to solve the debt crisis that is the European Union...

ECONOMIC DATA: 8/17
PPI.............7:30 am. Cst.

MY SWING NUMBERS 8/17

DECEMBER GOLD
RESISTANCE # 2................$1805.00
RESISTANCE # 1................$1795.00
PIVOT................................$1779.00
SUPPORT # 1....................$1768.00
SUPPORT # 2....................$1753.00
VOLUME.............................143,000

DECEMBER SILVER
RESISTANCE # 2..................$40.62
RESISTANCE # 1..................$40.25
Pivot...................................$37.79
SUPPORT # 1......................$39.38
SUPPORT # 2..................... $38.96
VOLUME..............................11,000

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

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