Hunan Gold shares surge after large deposit found in China
The Geological Bureau of Hunan Province said on Thursday that it had detected more than 40 gold veins containing an estimated 300 tons of the precious metal.
Today’s Gold traded another volatile and wide range ($15.70) as the market is in search of some market moving fundamentals to give traders direction. The gold market has been locked in a technical trading range between $1185.00 and $1220.
The market needs some momentum either to the upside or the downside to renew momentum. There is still a strong demand both from the Euro region as well as the Asian sector however, a price would certainly be welcome from the jewelers of India as they will have to re-stock soon for their upcoming wedding and festival seasons beginning in September. These high price levels have caused many investors in India to buying ETF’s as an alternative. Tt is reported that June ETF collections were up 76% on the year.
India is the largest consumer of Gold on the planet. It is said they consume 20% of all gold annually. However, the high price of Gold has caused some to alter their former buying habits. The FOMC released its minutes from their June meetings. The following are some quotes from that meeting…
“The economic outlook had softened somewhat”
“The FOMC didn’t see the need for additional policy accommodation.”
“They expect t the pace of hiring to remain low for some time”
“Fed policy makers see some risk of deflation”
THERE WAS CONCERN THAT FITCH WILL DOWNGRADE SPAIN…
(stay tuned)…………………
REPORTS:
EXPORT SALES………………….…7:30 am (CST)
INITIAL JOBLESS CLAIMS…….7:30 am (CST)
MY SWING NUMBERS 7/15….AUGUST GOLD
RESISTANCE # 2 ……. $1225.00
RESISTANCE # 1………$1216.00
PIVOT……………………..$1209.00
SUPPORT # 1…………..$1200.00
SUPPORT # 2…………..$1193.00
Mike Daly / Gold Specialist
PFG BEST
[email protected]
877-294-4669
312-563-8029
*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, and FOREX*
