Video: West Red Lake Gold works to restart Madsen mine
The company is optimistic about the potential of its Red Lake assets in the storied gold district of northern Ontario.
The Globex Gold trade during the day session covered a robust $25.60 range as once again gold struggled to maintain early session gains. It appears that the lack of buy momentum, and technical resistance, have the “bulls” ducking for cover…
The next key support level is around the $1180.00 – $1175.00 level. Despite a weaker U.S dollar and a stronger Euro investors may be selling their Gold to re-invest in the worlds equity markets.
If Gold continues to drop look for the BBA (Bombay Bullion Association) to possibly become a player as they have reported gold imports into India are down 75% from a year ago…. Since India is the largest consumer of gold in the world and with the upcoming wedding season approaching (September -December) these lower prices may be attractive to the Jewelers….
SWING NUMBERS AUGUST GOLD 7/7…..
Resistance # 2…………$1226.00
Resistance # 1…………$1210.00
Pivot………………………..$1200.00
Support # 1……………..$1185.00
Support # 2……………..$1175.00
Mike Daly / Gold Specialist
PFG BEST
877-294-4669
312-563-8029
*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, and FOREX*
