Gold Settles $10.30 Lower ... ($1594.20)

Today's June Gold futures traded a choppy and volatile $28.50 range and settling under $1600.00 per ounce for the first time since December 30th. Today's volatility was attributed to concerns over Greek politician's inability to form a new government. Once again the news from the European Union is as clear as mud. News confirmed and then denied and then confirmed that Greece would receive its bailout funds. The EFSF (European Financial Stability Facility) confirmed the release of 5.2 Billion Euro's for Greece. Gold prices dropped as low as $1678.50 per ounce today as early reports and rumors concerning the bailout and the future status of Greece's role as a member of the European Union chased investors into the U.S Dollar and U.S Treasuries as the EURO currency remained under siege. Investors feared that Greece would leave the European Union and have to sell gold reserves in order to pay its bills...

Between the FOMC and the continued debt crisis in the European Union the price of Gold has dropped from the years high of $1795.10 (2/28) to today's low $1578.50... That's a drop of $216.60 in 9 weeks. Without the strong physical buying presence from China and India the precious metals markets have been unable to retain rally momentum.

FOMC Chairman Ben Bernanke will address the 48th annual conference on Bank structure and competition that is sponsored by the Chicago FED. This is slated for 8:30 am, CST.....

ECONOMIC DATA: 5/10

EXPORT SALES..................7:30 AM. CST.

U.S TRADE BALANCE..........7:30 AM. CST.

INITIAL JOBLESS CLAIMS.....7:30 AM. CST.

MY SWING NUMBERS 5/10

JUNE GOLD

RESISTANCE # 2..................$1622.00

RESISTANCE # 1..................$1607.00

PIVOT.................................$1593.00

SUPPORT # 1.......................$1579.00

SUPPORT # 2.......................$1564.00

VOLUME..............................186,000

JULY SILVER

RESISTANCE # 2..................$30.01

RESISTANCE # 1..................$29.62

PIVOT................................ $29.12

SUPPORT # 1.......................$28.74

SUPPORT # 2.......................$28.23

VOLUME............................. 42,000

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PFGBEST Research Division

mdaly@pfgbest.com

877-294-4669

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