Gold Settles $13.50 Lower ... ($1574.90)

Today's August Gold futures traded a choppy $20.20 range as Spanish and Italian borrowing costs rose as concerns that this week's European Union summit will fail to solve the regions debt crisis. This situation has pressured the Euro currency, made the U. S Dollar the favored investment choice, and therefore has lessened the appeal for precious metals. However, these price levels are apparently appealing to Central Banks recently as the International Monetary Fund's website has produced data showing that Russia, Turkey, Ukraine, and Kazakhstan have increased their gold reserves. Gold has also not been able to maintain recent rally momentum as the price of Crude Oil continues to trade under $80.00 per barrel. Today's August Crude Oil futures traded as low as $78.33 per barrel. These lower Crude prices are anti- inflationary and therefore bearish precious metals...

Silver traded a .76 cent range and the July future settled at $27.03.8 per ounce...

Economic Data: 5/27

ADVANCED DURABLE GOODS..............7:30 am. cst.

MY SWING NUMBERS 6/27

August Gold

RESISTANCE # 2............. $1597.00

RESISTANCE # 1............. $1586.00

PIVOT........................... .$1577.00

SUPPORT # 1...................$1566.00

SUPPORT # 2...................$1557.00

VOLUME.........................114, 000

July Silver

RESISTANCE # 2.................$27.85

RESISTANCE.#1................. $27.44

PIVOT................................$27.09

SUPPORT # 1..................... $26.68

SUPPORT # 2......................$26.33

VOLUME............................ 74,000

 

PFGBEST Research Division

mdaly@pfgbest.com

877-294-4669

312-775-3014

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