Gold Settles $7.00 Higher ... ($1615.10)

Today's August Gold futures traded a choppy $21.30 range including a high of $1621.50. The Gold market extended gains after European Central Bank President Mario Draghi reassured investors that the ECB would do whatever was necessary to preserve the Euro. Mr. Draghi's comment caused the Euro currency to spike versus the U.S Dollar boosting demand for Gold as an alternative investment. The rally momentum was halted as it reached the $1620-$1625 technical resistance level. The September Silver futures were unable to retain gains and settled 2 cents lower for the session ($27.44.6). The U.S Department of Labor released the Initial Jobless Claims as 353,000. This was much better than the 380,000 that had been projected.

Economic Data: 7/27

GDP......7:30 am. cst.

MY SWING NUMBERS 7/27

August Gold

RESISTANCE # 2............. $1633.00

RESISTANCE # 1............. $1624.00

PIVOT............................ $1612.00

SUPPORT # 1...................$1602.00

SUPPORT # 2...................$1591.00

VOLUME.........................172,000

September Silver

RESISTANCE # 2...............$28.05

RESISTANCE # 1...............$27.75

PIVOT............................. $27.48

SUPPORT # 1...................$27.18

SUPPORT # 2...................$26.91

VOLUME........................ .37,000

 
 
 

THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES AND OPTIONS TRADING. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THE USE OF A STOP-LOSS ORDER MAY NOT NECESSARILY LIMIT YOUR LOSS TO THE INTENDED AMOUNT

 
Thank You,

Mike Daly / Gold & Precious Metals Analyst

Direct: 312-765-7217

Email: Michael.daly@ironbeam.com

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