Yesterday we woke up to no water. I then went and looked at our pressure tank and the pressure was reading 120 lbs. I turned down to 60 lbs and turned the breaker back on for the well. It has worked fine until today.24 hours later we come home to no water again.

If the pressure is120#, then you should have LOTS of water. It sounds like your pressure switch is not turning off the pump, which pumps up to such a high pressure that it throws the breaker. (BTW, 120# of pressure can be dangerous if it causes your tank to rupture. This is a situation where you could use a PRV valve on the system.) At any rate, remove the cover from your switch and check the points. My guess is that you will find them stuck together.

Also, if the pressure gauge is reading 120 but you have no water, then the gauge has to be stuck on 120. Replace the gauge.

You say "I turned down to 60#." What do you mean by that?

Yes, please give more detailed info. I would start by replacing the gauge, just so we know exactly what pressure you are really dealing with. A correctly working gauge will tell a lot. Then do as jlisenbe suggest and check pressure switch contacts. We could go on and on, but your best bet would be to have a pro out to check system. Have them check pressure switch, pressure switch supply nipple(if clogged, it will cause all sorts of erratic pump behavior). Have them check pressure tank pre-charge, have them check amps, ohms, and resistance on pump, have them check capacitor on control box. Now, most of these test are not going to cure your problem(but its always good to have them check as much as possible while there). Most likely suspect is pressure switch, or supply nipple to pressure switch. Good luck and please let us know how things work out. Lee.