Gold Settles $1.30 Higher ... ($1595.50)

Today's June Gold futures traded a quiet $17.20 range as global investors and traders alike remained tentative and viewed U.S Economic data and another European Union debt crisis reprieve as Greece will keep their funding until political election issues are resolved and a new Greek government is in place. This news resulted in a stronger Euro versus the U.S Dollar and therefore providing appeal for Gold. FOMC Chairman Ben Bernanke spoke to the Bank structure and confidence conference today and that may have sidelined many Gold bugs as his last speeches since 2/29 have single handedly crushed the price of Gold. On February 28th the June Gold contract traded as high as $1795.10. On February 29th  Chairman Bernanke revealed that there would not be a need for more economic stimulus in the near future which completely contradicted what the FOMC had been hinting for the previous 3 months causing the Gold to trade as low as $1680.00 during the day session. That's a drop of $115.10 in a 24 hour period.

It is apparent that when Mr. Bernanke speaks the markets listen...............

 In today's speech Mr. Bernanke stated The banks have more to do to restore their health the banking sector has improved substantially & that demand for credit has remained sluggish.

There was no mention of stimulus...

Economic Data 5/11

PPI............7:30 am. CST.

MY SWING NUMBERS 5/10

JUNE GOLD

RESISTANCE # 2..................$1611.00

RESISTANCE # 1..................$1603.00

PIVOT.................................$1594.00

SUPPORT # 1.......................$1586.00

SUPPORT # 2.......................$1577.00

VOLUME..............................211,000

JULY SILVER

RESISTANCE # 2..................$29.71

RESISTANCE # 1..................$29.44

PIVOT................................ $29.19

SUPPORT # 1.......................$28.92

SUPPORT # 2.......................$28.67

VOLUME............................. 47,000

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PFGBEST Research Division

mdaly@pfgbest.com

877-294-4669

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