Gold Settles $12.40 Lower ... ($1609.40)

Today's August Gold futures traded a choppy and volatile $27.00 range. The session yielded light volume as traders may have taken profits as the U.S Dollar gained strength against the Euro today. Today European Central Bank Governing Council member Jens Weidman said the results of last month's European summit didn't bring any clarity as to the direction the monetary union is taking according Bloomberg. So once again the news from the Euro region is sketchy at best. Traders and investors alike may also be sidelined awaiting tomorrows UNEMPLOYMENT data due out at 7:30 am. cst... Crude Oil prices traded lower to help pressure the lower precious metals prices as well. August Crude Oil futures traded as low as $86.50 per barrel today.

U.S Department of Labor released the Initial Jobless Claims as 374,000. This was better than the 385,000 that had been projected.............

Friday 7/6

ECONOMIC DATA:

UNEMPLOYMENT......................7:30 am. cst.

Export Sales........................... ...7:30 am. cst.

MY SWING NUMBERS 7/5

August Gold

RESISTANCE # 2............. $1637.00

RESISTANCE # 1............. $1622.00

PIVOT........................... .$1610.00

SUPPORT # 1...................$1596.00

SUPPORT # 2...................$1583.00

VOLUME.........................112,000

September Silver

RESISTANCE # 2...............$28.74

RESISTANCE # 1...............$28.20

PIVOT............................. $27.85

SUPPORT # 1...................$27.32

SUPPORT # 2...................$29.96

VOLUME........................ .31,000

 

PFGBEST Research Division

mdaly@pfgbest.com

877-294-4669

312-775-3014

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