Cautious Gold Market

Mon July 31st the Gold market continued it's cautious trade pattern trying to decipher news worthy headlines from the Middle East. We learned that Israel broke it's lull of air strikes in retaliation to the launching of mortars by Hezbollah troops near the town of Taibe.
Israel officials claim mortars were being fired on Israel's ground troops.
Later we learned Venezuelan leader Hugo Chavez was presented the Islamic Republic Medal
(the highest state medal ) from Irans President Mahmoud Ahmadinejad in appreciation for his support of Irans Nuclear standoff with the international community. With the most memorable quote being "Lets finish off the U.S. empire '
December gold is my contract of choice to trade from now til expiration.
The following are my guideline numbers for December Comex Gold.. 8-1-06

2nd resist .........657.00
1st resist............651.50
Pivot ..................646.00
1st support.........640.50
2nd support ...... 635.00