Precious Metals Market Comments

Today's June Gold futures traded a quiet $14.80 range as much of Europe and Asia celebrates the May Day holiday. The June contract traded as high as $1672.20 and as low as $1657.50 as traders may be sidelined in anticipation of Thursday's economic data as well as Friday's UNEMPLOYMENT data. Today's trade was very technical as it traded between my pivot ($1659.00) and 1st resistance levels ($1673.00) for most of the session. Despite higher Crude Oil prices today (June Crude Oil traded as high as $106.43 per barrel) the precious were unable to maintain early rally momentum as the April ISM Manufacturing Index was reported to be 54.8 up 1.4 points and better than expected. This is the highest result since last June proved to be bearish for precious metals.....

July Silver Settled at $30.93 per ounce for the session.....

Economic Data 5/2

Factory Orders.............9:00 am. cst.

MY SWING NUMBERS 5/2

JUNE GOLD

RESISTANCE # 2.......... $1679.00

RESISTANCE # 1.......... $1670.00

PIVOT.........................$1664.00

SUPPORT # 1...............$1656.00

SUPPORT # 2...............$1649.00

VOLUME.......................115,000

JULY SILVER

RESISTANCE # 2...........$31.61

RESISTANCE # 1...........$31.21

PIVOT..........................$31.03

SUPPORT # 1...............$30.69

SUPPORT # 2...............$30.17

VOLUME.....................34,000

Mike Daly

PFGBEST Research Division

mdaly@pfgbest.com

877-294-4669

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.