Precious Metals Market Comments

Today's June Gold futures session covered a very technical and choppy $17.10 range.

The June futures contract traded as high as $1655.20 and as low as $1638.10 as lower Crude Oil prices, European Union uncertainty, and news from Syria pressured the precious metals as traders will look forward to tomorrows economic data to plan their trading strategies.

India's Akshaya Tritiya festival is Tuesday April 25th and it has been revealed that India's post offices will sell discounted gold coins as the festival nears. The high price of gold along with the recent 21 day strike by India's jewelers has sparked heavy country wide advertising from the jewelers in order to capture wary customer business. It is believed that valuables purchased on Akshaya Tritiya will bring prosperity and good fortune.

China is the largest producer of Gold in the world and may overtake India as the world's largest consumer of gold as well as they are experiencing a 35% growth in the jewelry market.

The citizens of China have traditionally given jewelry, especially gold the gift of choice for births as well as weddings. And with the growing awareness that gold is anti-inflation asset it appears the citizens of China are overwhelmingly choosing gold as their gift of choice.

It has been reported that Syria is selling its gold reserves at a discount prices.

According to Reuters- Syria is trying to sell gold reserves to raise revenue as Western and Arab sanctions targeting its central bank and oil exports begin to bite, diplomats and traders said.

ECONOMIC DATA 4/19.

Export Sales.................7:30 am.cst

Initial Jobless Claims......7:30 am.cst

Existing Home Sales......7:30 am.cst

MY SWING NUMBERS 4/19

JUNE GOLD

RESISTANCE # 2................ $1661.00

RESISTANCE # 1................ $1650.00

PIVOT..............................$1644.00

SUPPORT # 1......................$1634.00

SUPPORT # 2......................$1627.00

VOLUME............................142, 000

MAY SILVER

RESISTANCE # 2..................$32.11

RESISTANCE # 1..................$31.80

PIVOT.................................$31.57

SUPPORT # 1...................... $31.26

SUPPORT # 2.......................$31.02

VOLUME..............................40,000

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.