Gold Settles $3.90 Lower ... ($1557.10)

Today's June Gold futures covered a choppy and volatile $17.60 range as traders and investors alike are watching the chaos in Greece as the political uncertainty continues to pressure the Euro currency as well as the region. Greece's elections on May 6th declared no clear-cut winner and after yielding no results today the country will hold another election in its attempt to form a new government. This political impasse has helped strengthen the U.S. Dollar as investors are choosing the Dollar and U.S Treasuries as their investment choice. A stronger U.S Dollar is normally bearish for precious metals. Today's trading session produced low of $1546.80 the lowest level since December 29th.... After three straight losing sessions we have breached and held the $1545- $1550 support level...This is a very technical and pivotal level for the gold bugs...I guess time will tell....

ECONOMIC DATA 5/16

Housing Starts and Permits.........7:30 am. cst.

RESISTANCE # 2..................$1574.00

RESISTANCE # 1..................$1565.00

PIVOT.................................$1556.00

SUPPORT # 1.......................$1548.00

SUPPORT # 2.......................$1538.00

VOLUME..............................151,000

JULY SILVER

RESISTANCE # 2..................$28.67

RESISTANCE # 1..................$28.38

PIVOT................................ $28.14

SUPPORT # 1.......................$27.84

SUPPORT # 2.......................$27.61

VOLUME............................. 35,000

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PFGBEST Research Division

mdaly@pfgbest.com

877-294-4669

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