Gold Settles $7.40 Lower ... ($1650.80)

Today's August Gold futures traded a very choppy and volatile $36.10 range. The session produced a very seesaw trade and traded as low as $1590.50. The world was waiting to hear the verdict from the two day FOMC meeting. Once again the answers were a bit cryptic and resulted in no definite time frame for more stimulus. However, there seemed to be a different tilt to his statements. Chairman Ben Bernanke stated If we do not see more improvement from the labor market we will do more we are prepared to do more...he also said he thought both QE programs were effective...Once again this was not the response gold bugs were hoping for.

But is was as devastating as his past conferences. He certainly addressed the poor labor market and he did say twice we are prepared to do more....Investors and traders will eye tomorrow's economic data before choosing their trading strategies.....

Thursday 6/21 Economic data:

EXPORT SALES................................7:30 am.cst.

INITIAL JOBLESS CLAIMS..................7:30 am.cst.

EXISTING HOME SALES.....................9:00 am. cst.

MY SWING NUMBERS 6/19

August Gold

RESISTANCE # 2............. $1646.00

RESISTANCE # 1............. $1629.00

PIVOT........................... .$1610.00

SUPPORT # 1...................$1596.00

SUPPORT # 2...................$1574.00

VOLUME.........................125,000

July Silver

RESISTANCE # 2.................$29.18

RESISTANCE.#1................. $28.79

PIVOT................................$28.21

SUPPORT # 1..................... $27.81

SUPPORT # 2......................$27.24

VOLUME............................ 35,000

PFGBEST Research Division

mdaly@pfgbest.com

877-294-4669

312-775-3014

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.