Gold Settles $3.40 Higher… ($1199.30)

Today’s Gold session covered a choppy $10.80 range as traders prepare for tomorrows unemployment data due to be released at 7:30 am (CST). Today’s Initial Jobless Claims unexpectedly rose to a three month high of 479,000 an increase of 19,000 for the week ending July 31st …

European Central Bank President Jean-Claude Trichet stated “ the European Central Bank anticipates the Euro Region’s economy growing at a “moderate, but still uneven pace in an environment of uncertainty”…
The European Central Bank left the European Union interest rates unchanged at 1%...Also the Bank of England voted to leave its lending rate at 0.5 % on Thursday.

China’s recent decision to open up its Gold market will pave the way in offering its citizens a more lucrative
opportunity as their insatiable demand continues to soar. China is the world’s largest producer of Gold ,it still needs to import 100 metric tons of Gold annually to meet the ever growing demand of its citizens. China is also the number two consumer of Gold second only to India. It is thought that the Chinese Government
is clamping down on property speculation and this could send investors into the gold market ….. Surpassing India may just be a matter of time !

REPORTS: 8/5

UNEMPLOYMENT……………….7:30 am (CST)

RESISTANCE # 2………………..$1209.00
RESISTANCE # 1………………..$1204.00
PIVOT ………………………………$1198.00
SUPPORT # 1…………………….$1193.00
SUPPORT # 2…………………….$1187.00

Please feel free to email questions or comments…
WEEKLY REPORT TOMORROW……

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

*THERE IS EXTREME RISK TRADING F UTURES, OPTIONS, and FOREX*