Precious Metals Market Comments

Today's August Gold futures traded a robust and technical $32.50 range and settled well above the $1600.00 level. The rally was fueled by some short covering as well as speculation that the citizens of Greece will elect Pro-bailout political candidates on Sunday June the 17th in hopes of saving there Euro presence. Or at least to buy some more time before they exit and have to reinsert the Drachma. The market also reacted to Chicago's Federal Reserve Bank President Charles Evans underscoring his preference for various stimulus plans. Once again anytime you have a FOMC Member mention stimulus the market rallies. The FOMC will meet Tuesday June 19th -Wednesday 20th .... After the last few months economic data many gold bugs are once again expecting the FED to announce another round of stimulus...I guess time will tell...

ECONOMIC DATA 6/13

Business Inventories..........7:30 am. CST.

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

Retail Sales......................7:30 am. CST.

MY SWING NUMBERS 6/13

August Gold

RESISTANCE # 2.............$1639.00

RESISTANCE # 1.............$1626.00

PIVOT........................... $1606.00

SUPPORT # 1..................$1593.00

SUPPORT # 2..................$1573.00

VOLUME.........................117, 000

July Silver

RESISTANCE # 2............$29.51

RESISTANCE # 1............$29.08

PIVOT...........................$28.77

SUPPORT # 1................. $28.49

SUPPORT # 2................ .$28.03

VOLUME........................36,000

PFGBEST Research Division

mdaly@pfgbest.com

877-294-4669

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