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 5^th. 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 21^st, 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.