Precious Metals Market Comments

Today's June Gold futures traded another volatile and choppy $25.50 range while extending its decline to four consecutive sessions. In fact since May 1st The Gold future have only had two up days out of twelve trading sessions. The U.S dollar continues to gather strength amid the latest failure in Greece to form a government. The June gold futures have dropped $125.80 settlement to settlement since May 1st. Today's range included a low of $1526.70 a level not seen since July 6th 2011. Lower Crude Oil prices also pressured the precious metals as June Crude Oil futures traded as low as $91.81 per barrel today. It was reported that Greece will schedule new elections for June 17th in hopes of electing a government. Many investors are thinking there is a strong possibility that Greece will exit the Euro currency as they unwilling to accept austerity anymore. Some analysts are Germany will save Greece with a last minute mega bailout. Either way the European region needs to stop the bleeding and figure a long tern resolution to their financial crisis. These Band-Aid bailouts are certainly not working.

The FOMC released their minutes from the April meetings... (Some headlines below)...

Several Members on the FOMC said easing may be needed if recovery falters...

Most members saw unemployment above their target in 2014...

Several members saw inflation at or below 2% in late 2014...

ECONOMIC DATA: 5/17

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

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

RESISTANCE # 2..................$1565.00

RESISTANCE # 1..................$1551.00

PIVOT.................................$1539.00

SUPPORT # 1.......................$1525.00

SUPPORT # 2.......................$1513.00

VOLUME..............................200,000

JULY SILVER

RESISTANCE # 2..................$28.54

RESISTANCE # 1..................$27.87

PIVOT................................ $27.30

SUPPORT # 1.......................$26.63

SUPPORT # 2.......................$26.06

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

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PFGBEST Research Division

mdaly@pfgbest.com

877-294-4669

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