Gold Settles $5.60 Higher ... ($1618.50)

Today's August Gold futures traded a choppy $19.00 range. The session covered a very technical trade missing my pivot and 1st resistance by a dollar on each side. The market gained some buying momentum as today's economic data was a bit weaker than expected. However, the market sold off mid-afternoon as the rally momentum met resistance between the $1625.00-1630.00 levels causing traders to book profits before tomorrow's economic data is released.

It is my belief that the precious metals have been receiving underlying support from speculators who are anticipating (1) the citizens of Greece will elect Pro-bailout candidates when they go to the polls on Sunday June 17th. (2). that the FOMC will support more stimulus during their Tuesday 19th - Wednesday 20th meeting....Both scenarios are bullish precious metals because they are both U.S Dollar negative...

ECONOMIC DATA 6/14

CPI............................7:30 am.cst

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

Real Earnings...............7:30 am.cst

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

MY SWING NUMBERS 6/14

August Gold

RESISTANCE # 2............. $1636.00

RESISTANCE # 1............. $1627.00

PIVOT........................... .$1617.00

SUPPORT # 1...................$1608.00

SUPPORT # 2...................$1598.00

VOLUME.........................150, 000

July Silver

RESISTANCE # 2............$29.31

RESISTANCE # 1............$29.12

PIVOT...........................$28.91

SUPPORT # 1................. $28.73

SUPPORT # 2................ .$28.51

VOLUME........................42,000

PFGBEST Research Division

mdaly@pfgbest.com

877-294-4669

312-775-3014

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