Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
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
877-294-4669
312-563-8029
*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, and OPTIONS *
