Wednesday, May 30, 2012 at 3:22 PM

Gold Settles $14.70 Higher ... ($1563.40)

Today's June Gold futures traded a very choppy and volatile $34.70 range.

The June futures traded as low as $1530.40 around 8:35 am (CST) as traders as the Euro currency dropped to its lowest level since June 30th 2010 therefore boosting the U.S Dollar appeal. However, after the release of April's Pending Home Sales (-5.5% as it was expected to be unchanged) the June futures contract began a mammoth $33 plus Dollar rally prior to settling at $1563.40. The market held the $1530 -$1535 support level and in my opinion prompted short covering, bargain buying opportunities, and a flight to tangible safe haven alternative investments which historically have a history of retaining value better than most commodities during times of crisis. The gold market continues to remain resilient despite almost constant daily pressure. Despite today's weakness in Euro currency, Crude Oil, and the Stock market gold overcame all and settled $14.70 higher...................

ECONOMIC DATA 5/31

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

MY SWING NUMBERS 5/31

June Gold

RESISTANCE # 2.............$1588.00

RESISTANCE 3 1.............$1576.00

PIVOT........................... $1553.00

SUPPORT # 1..................$1541.00

SUPPORT # 2..................$1518.00

VOLUME.........................259, 000

July Silver

RESISTANCE # 2............$28.59

RESISTANCE # 1............$28.28

PIVOT...........................$27.82

SUPPORT # 1................. $27.52

SUPPORT # 2................ .$27.05

VOLUME........................56,000

PFGBEST Research Division

mdaly@pfgbest.com

877-294-4669

312-7753014

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