Gold Settles $38.40 Higher ... ($1574.90)

Today's June Gold futures rebounded from four straight losing sessions and traded a robust $41.40 range. The Gold futures held a very key support level between $1520.00 and $1525.00

this coupled with the news from the FOMC April meeting minutes suggesting that several members of FED were in favor of more Quantitative Easing if the U.S Economy continues to falter brought the bulls back into the precious metals. Despite lower Crude Oil, U.S Dollar strength, and the continued chaos in Greece the possibility of more Easing / Stimulus completely trumped everything. The recent sell-off may have been overdone in my opinion however, the market is always right and certainly filled in a lot of technical gaps and pockets.

These levels may have also sparked bargain buying opportunities as the WGC (World Gold Council) announced that demand in China is increasing and may add 1,000 metric tons to their already insatiable demand by year end and may topple India as the number one consumer of Gold in the world soon...It has been reported that Iran is actively buying Gold bullion from Turkey for savings as well as trading currency as the sanctions imposed by the West begin to tighten...

Today the U.S Department of Labor report on Initial Jobless Claims is 370,000...

This was expected to be 365,000.....

RESISTANCE # 2............... $1605.00

RESISTANCE # 1..................$1589.00

PIVOT.................................$1564.00

SUPPORT # 1.......................$1549.00

SUPPORT # 2.......................$1523.00

VOLUME..............................253,000

JULY SILVER

RESISTANCE # 2..................$28.95

RESISTANCE # 1..................$28.48

PIVOT................................ $27.83

SUPPORT # 1.......................$27.36

SUPPORT # 2.......................$26.71

PFGBEST Research Division

mdaly@pfgbest.com

877-294-4669

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