DALY GOLD REPORT 7/28 Wednesday, July 28, 2010 by Mike Daly of PFGBest

 

Gold Closes $2.40 Higher… ($1160.40)

 

Today’s Gold trade covered a very lack luster $9.40

range as traders may have been side-lined while they

await tomorrows Initial Jobless Claims and Export Sales

data. The Gold trade continues to seek information

that will fuel momentum and direction. (very quiet today)

Today’s durable goods report produced any unexpected

drop in orders for durable goods that certainly over shadowed

the better than projected Corporate Earnings….

This economic data sent U.S Stock Futures and the gold

market lower early on before a late session surge rallied

Gold $2.40 higher on the day.

 

There appeared to be some hearty gold buying from

the Jewelers of India (overnight) as they have been true to form

in their buying on price dips… With the September – December

Wedding and Festival season rapidly approaching the

there is expectation that the Indian jewelers will buy

Bullion to re-stock their shelves…..

*INDIA IS THE WORLD’S LARGEST GOLD CONSUMER*

 

REPORTS: 7/29

EXPORT SALES……………………….7:30 AM ( CST )

INITIAL JOBLESS CLAIMS……….7:30 AM ( CST )

 

MY SWING NUMBERS 7/29

RESISTANCE # 2…………….$1169.00

RESISTANCE # 1…………….$1165.00

PIVOT  ………………………….$1160.00

SUPPORT # 1………………..$1155.00

SUPPORT # 2………………..$1150.00

 

Mike Daly / Gold Specialist

PFG BEST

mdaly@pfgbest.com 

877-294-4669

312-563-8029

 

*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, and OPTIONS *

 

 

 

 

Recent articles from this author

• The Daly Gold Report(3) - Tuesday, February 07, 2012
• The Daly Gold Report(2) - Monday, February 06, 2012
• 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.