Another Week of Volatility for Gold
This week's Gold traded a volatile $36.50 range. The market was data driven and for the most part a very technical trade as key support levels were breached and technical gaps were filled. Friday's sell-off may have been caused by...

This week's Gold traded a volatile $36.50 range. The market was data driven and for the most part a very technical trade as key support levels were breached and technical gaps were filled. Friday's sell-off may have been caused by traders moving out of Gold as a "safe haven" investment as the passing of the austerity plan in Greece has helped calm the fears of global investors. Also the U.S markets are closed Monday July 4th in observance of Independence Day causing traders to liquidate positions.

Thursday:

The market appeared to be a little calmer today as traders and see some stability in Greek debt crisis after passing the austerity measures plan. The new found stability has forced some investors to move funds from "safe haven" investment primarily Gold and Silver. The Gold market continues to struggle holding momentum however, I believe there are going to be plenty of "bumps" in the road ahead in the Euro region as well as here in the United States.

Greece will receive its financial aid from the European Union and the (IMF) International Monetary Fund. The question now is what state will be the next to seek financial aid ?

The United States Labor Department released Initial Jobless Claims Data it was 428,000 which is 8,000 higher than the 420,000 projected.

Wednesday:

Greece's Parliament approved the austerity plan in order to receive financial funding from the European Union and the International Monetary Fund. The European Union is certainly not out of the woods as many other nations are in serious financial straits and experiencing high debt levels.

Tuesday :

Federal Reserve Bank of Dallas President Richard Fisher stated:

"U.S growth may accelerate by as much as 4% during the second half of this year, spurred partly by falling energy and food prices..."

This sounds good however, the biggest drag on the United States economy continues to be HIGH UNEMPLOYMENT and a WEAK housing sector...(on track to record 3 MILLION FORECLOSURES by year end).

This week produced a lot of data that resulted in the vast weekly range. The gold market has had a problem regaining traction toward all time high's primarily due to charts signaling technical overbought levels. Lower energy prices have helped drive the precious metals lower as well. The lower precious metals prices might bring a greater demand for physical buying. The Indian Wedding and Festival season begins in September. India consumes about 20% of the world's Gold annually.

MY SWING NUMBERS JULY 5th

AUGUST GOLD

RESISTANCE # 2....................$1508.00
RESISTANCE # 1....................$1498.00
PIVOT....................................$1488.00
SUPPORT # 1........................$1473.00
SUPPORT # 2........................$1468.00

SEPTEMBER SILVER

RESISTANCE # 2...................$35.08
RESISTANCE # 1...................$34.42
PIVOT...................................$33.95
SUPPORT # 1.......................$33.23
SUPPORT # 2.......................$32.83

Mike Daly / Gold Specialist

PFG BEST
mdaly@pfgbest.com

877-294-4669
312-563-8029

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

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