Gold Settles 20 Cents Higher ... ($1619.60)

Today's August gold futures traded an $18.60 choppy range as traders continue to use the daily economic data as well as technical analysis to enter and exit their trading positions. Today's Initial Jobless Claims was reported to be 386,000. This was 11,000 worse than the 375,000 that was expected. It is my belief that traders are becoming more tentative and conservative the closer we get the June 17th Greek elections as well as the June 19th-20th FOMC meeting. Both the Greek election on Sunday and the FOMC meeting next week should have a heavy impact on the precious metals markets as well as the U.S Dollar. Most analyst believe the citizens of Greece will support the Pro-bailout parties at the polls in order to remain a member of the Euro currency Union. But what if they don't? Most analysts also believe that continued poor U.S economic data may push the FOMC to inject more stimulus to jump start the sluggish American economy. But what if they don't? Gold traders have become more savvy with regards to predictions and expectations and therefore more tentative and conservative! And who can blame us? Silver has not been able to recover as quickly as Gold lately and continues to struggle in its attempt to breach and hold the $30.00 level since May 4th.....

Wholesale

MY SWING NUMBERS 6/14

August Gold

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

RESISTANCE # 1............. $1630.00

PIVOT........................... .$1620.00

SUPPORT # 1...................$1610.00

SUPPORT # 2...................$1601.00

VOLUME.........................128, 000

July Silver

RESISTANCE # 2............$29.48

RESISTANCE # 1............$28.85

PIVOT...........................$28.55

SUPPORT # 1................. $28.04

SUPPORT # 2................ .$27.62

VOLUME........................34,000

PFGBEST Research Division

mdaly@pfgbest.com

877-294-4669

312-775-3014

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