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Daly Gold Report 7/27
Tuesday, July 27, 2010
by Mike Daly of PFGBest
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Gold Settles $25.10 Lower …($1158.00)
Today’s Gold market broke through the $1170.00
support level and traded its lowest level ($1156.90)
on the Globex exchange since May 5th. The market
lost early gains as U.S economic reports favored the
U.S dollar and fueled the sell-off in the precious metals.
Gold has lost over $100 per ounce since it made its all –
time high of $1266.50 on June 21st,2010.
The volatility and resiliency have been truly amazing
considering all of the Gold negative news released over
the past few weeks…..
The Consumer Confidence Index declined further
in July and now stands at 50.4. This indicates that consumers
are growing less optimistic in regards to the economy
primarily due to HIGH unemployment and foreclosure data.
Also Home prices rose for the second straight month.
Both of these reports favored the U.S Dollar over the Gold.
During this recent sell-off from $1266.50 the market
has filled in almost all of its “technical pockets” and
may actually be reaching oversold levels….
Time will tell..as they say “the market is always right”.
REPORTS: 7/28
Durable Goods…….7:30 am (CST)
My Swing Numbers 7/28….AUGUST GOLD
RESISTANCE # 2…………………$1196.00
RESISTANCE # 1…………………$1177.00
PIVOT ………………………………$1167.00
SUPPORT # 1…………………….$1148.00
SUPPORT # 2…………………….$1137.00
Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-563-8029
*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, and FOREX*
Recent articles from this author
- The Daly Gold Report(3) - Tuesday, February 07, 2012
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- Weekly Gold Report(7) - Friday, February 03, 2012
- DALY GOLD REPORT 2/2 - Thursday, February 02, 2012
- Daly Gold Report(30) - Thursday, February 02, 2012
About the author
Mike Daly joined PFGBEST Research in 2009 with more than 25 years of experience as a gold trader and market specialist. He was a floor trader at the Chicago Mercantile Exchange, Chicago Board of Trade and Chicago Board Options Exchange for the first two decades. He joined the renowned gold brokerage J. Aron in 1979 and served as a senior gold broker and market analyst for four years, and then continued another two years there after J. Aron was acquired by Goldman Sachs in 1982. He was charged with keeping vast spread markets in line and was a global gold market maker for the firm. From there he continued as a licensed independent broker on the CME floor in the S&P 500 stock index futures trading pit while also monitoring and trading gold markets. He joined Alaron Trading Corp. in 2007 as a senior broker then came on board PFGBEST through the acquisition of the customer assets of Alaron in spring of 2009. Mike is regularly quoted in broadcast and print media venues and is widely available to share his precious metals and trading background, knowledge and experience as an interview source, educator and spokesperson. Mike Daly
Sr. Precious Metals Analyst
PFGBEST Research Phone: 877.294.4669 or 312-563-8029
Email: mdaly@pfgbest.com PFGBEST is among the largest non-clearing U.S. Futures Commission Merchants, with customers, affiliates and brokerage offices in more than 80 countries. The company is a leader in sustainable investing through diversified products including managed funds, futures, forex, options, full-service and discount brokerage, trader education, market research, and direct online futures trading through its BESTDirect® platform, and numerous other platforms and applications.
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