Gold Settles $8.40 Higher … ($1195.90)

Today’s Gold session covered a very choppy $18.50 range as nervous investors may be buying Gold in anticipation of what could likely prove to be a disappointing unemployment number due out Friday 6th at 7:30 am (cst)… As reported yesterday “ the People’s Bank of China had released a statement stating it would allow more Banks to import and export Gold in order to expand the Gold market in their country” has also given investors confidence and has triggered a surge of buying from the Asian sector. During today’s Globex Gold session the December contract Traded as high as $1205.50 but due to a late session sell-off the Gold fell below the psychological $1200.00 level and settled at $1195.90….Technically the rally today took out some key resistance levels ($1195.00 - $1200.00)…. Time will tell if this causes buying momentum in the overnight market….

Recently the China Banking Regulatory Commission stated it should continue to deepen stress tests on lending to properties and related industries….telling Banks to stress test their books for a 60% home-price drop…this was updated from a previous test for a 30% drop…..

REPORTS: 8/5….
EXPORT SALES……………………….7:30 am (CST)
INITIAL JOBLESS CLAIMS……….7:30 am (CST)

MY SWING NUMBERS FOR 8/5 DECEMBER GOLD
RESISTANCE # 2…………………$1215.00
RESISTANCE # 1…………………$1205.00
PIVOT……………………………….$1196.00
SUPPORT # 1…………………….$1186.00
SUPPORT # 2…………………….$1177.00

Please feel free to email or call with questions or comments…

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

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