by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com
Friday, May 25, 2012 at 2:21 PM\

Gold Settles $11.40 Higher … ($1568.90)

Today’s June Gold futures traded a moderate $19.20 range on fairly light volume as traders prepare for the upcoming Memorial Day (3 day Holiday) weekend. This week the June futures covered a $66.20 trading range with a high of $1599.00 and $1532.80 for a low. A weaker Euro and a strong U.S Dollar has hindered the precious metals from maintaining their rally momentum. The European Union’s debt crisis continues to fuel the Dollar and put a drag on the Euro currency. The news from the region remains as clear as mud. Last week’s heavy hints from the FOMC regarding more easing appeared to have once again been recanted. This seesawing from the FOMC has caused global investors to choose the U.S Dollar and U.S treasuries as their investment choice.

News from the week:

Thursday:
Traders and investors alike ay have seen yesterday’s massive price dip as an “bargain buying’ opportunity in spite a stronger U.S Dollar and news that the European Debt crisis is putting a strain on Germany which is the strongest economy in the Euro region.
The yellow metal again was unable to hold earlier gains as once again member of the FOMC pulled back on easing. New York FED boss William Dudley stated” the costs of further easing could likely exceed benefits if the economic growth cuts into unused resources”…
This week’s Initial Jobless Claims were reported to be 370,000.

Monday:
The day session was unable to breach the technical / psychological $1600.00 level and alternated between positive and negative territory most of the session. The possibility of Quantitative easing 3 has been the fuel and incentive to renewed buying. However, traders and investors alike are still very aware of the possibility that Greece will exit the Euro.
The Greeks will go to the polls on June 17th in hopes of finally forming a new government.
Despite Higher Crude Oil prices today the gold futures was unable close positive. July Crude Oil closed higher for the first time since May 10th trading as high as $92.94 per barrel.
July Silver finished the session 39.4 lower … ($28.32.1 per ounce).

The inability of June Gold futures to breach the technical and psychological $1600 level may have helped fuel Tuesday and Wednesday’s avalanche –like sell-off  dropping the market to the $1532.80 level.

MY SWING NUMBERS 5/22
JUNE GOLD
RESISTANCE # 2……………    $1582.00
RESISTANCE # 1………………$1575.00
PIVOT……………………………$1563.00
SUPPORT # 1…………………..$1556.00
SUPPORT # 2…………………..$1544.00
VOLUME…………………………137,000

JULY SILVER
RESISTANCE # 2……………….$28.86
RESISTANCE # 1……………….$28.60
PIVOT…………………………….$28.24
SUPPORT # 1…………………...$27.95
SUPPORT # 2…………………...$27.62
VOLUME…………………………27,000

PFGBEST Research Division
mdaly@pfgbest.com 
877-294-4669

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.

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com
Thursday, May 24, 2012 at 3:27 PM\

Gold Settles $

Today’s June gold futures traded a $25.80 range including a high of $1577.70 and a low of $1551.90. Traders and investors alike ay have seen yesterday’s massive price dip as an “bargain buying’ opportunity in spite a stronger U.S Dollar and news that the European Debt crisis is putting a strain on Germany which is the strongest economy in the Euro region.
The yellow metal again was unable to hold earlier gains as once again member of the FOMC pulled back on easing. New York FED boss William Dudley stated” the costs of further easing could likely exceed benefits if the economic growth cuts into unused resources”…
This week’s Initial Jobless Claims were reported to be 370,000.

MY SWING NUMBERS 5/22
JUNE GOLD
RESISTANCE # 2……………    $1588.00
RESISTANCE # 1………………$1572.00
PIVOT……………………………$1562.00
SUPPORT # 1…………………..$1547.00
SUPPORT # 2…………………..$1536.00
VOLUME…………………………259,000

PFGBEST Research Division
mdaly@pfgbest.com 
877-294-4669

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.

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com
Monday, May 21, 2012 at 1:42 PM\

Gold Settles $3.20 Lower … ($1588.70)

Today’s June Gold futures traded a very subdued $14.50 range.
The day session was unable to breach the technical / psychological $1600.00 level and alternated between positive and negative territory most of the session. The possibility of Quantitative easing 3 has been the fuel and incentive to renewed buying. However, traders and investors alike are still very aware of the possibility that Greece will exit the Euro.
The Greeks will go to the polls on June 17th in hopes of finally forming a new government.
Despite Higher Crude Oil prices today the gold futures was unable close positive. July Crude Oil closed higher for the first time since May 10th trading as high as $92.94 per barrel.
July Silver finished the session 39.4 lower …($28.32.1 per ounce).

ECONOMIC DATA 5/22
Existing Home Sales:……………9:00 am. cst.

MY SWING NUMBERS 5/22
JUNE GOLD
RESISTANCE # 2……………    $1606.00
RESISTANCE # 1………………$1598.00
PIVOT……………………………$1591.00
SUPPORT # 1…………………..$1583.00
SUPPORT # 2…………………..$1576.00
VOLUME…………………………176,000

JULY SILVER
RESISTANCE # 2………………$29.22
RESISTANCE # 1………………$28.76
PIVOT…………………………..  $28.40
SUPPORT # 1…………………..$27.96
SUPPORT # 2…………………..$27.58
VOLUME………………………   44,000

PFGBEST Research Division
mdaly@pfgbest.com 
877-294-4669

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.

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com
Monday, May 21, 2012 at 6:42 AM\

Gold Settles $17.00 Higher … ($1591.90)

Today’s June Gold futures traded a choppy $29.70 range. The market extended yesterday’s mammoth $38.40 rally and actually closed higher for the week. This week yielded a $70.80 trading range which produced a low of $1526.70 (a level not seen since 7/6/11) and new weekly high of $1597.50. Despite lower Crude Oil prices and more Credit downgrades for Greece it appears global investors are choosing the precious metals as their “safe haven” investment choice based on the strong indication from the FOMC minutes that more Quantitative Easing is on the table. Injecting more stimulus into the economy would mean printing more U.S Dollars which is negative for the Dollar and “bullish” for precious metals. Anytime you print more of anything it becomes “WORTH – LESS”.

WEEKLY NEWS:

Thursday:

Today’s June Gold futures rebounded from four straight losing sessions and traded a robust $41.40 range. The Gold futures held a very key support level between $1520.00 and $1525.00
this coupled with the news from the FOMC April meeting minutes suggesting that several members of FED were in favor of more Quantitative Easing if the U.S Economy continues to falter brought the “bulls” back into the precious metals. Despite lower Crude Oil, U.S Dollar strength, and the continued chaos in Greece the possibility of more Easing / Stimulus completely trumped everything. The recent sell-off may have been overdone in my opinion however, the market is always right and certainly filled in a lot of technical gaps and pockets.
These levels may have also sparked bargain buying opportunities as the WGC (World Gold Council) announced that demand in China is increasing and may add 1,000 metric tons to their already insatiable demand by year end and may topple India as the number one consumer of Gold in the world soon…It has been reported that Iran is actively buying Gold bullion from Turkey for savings as well as trading currency as the sanctions imposed by the West begin to tighten…

Today the U.S Department of Labor report on Initial Jobless Claims is 370,000…
This was expected to be 365,000…..

Wednesday:

Today’s June Gold futures traded another volatile and choppy $25.50 range while extending its decline to four consecutive sessions. In fact since May 1st The Gold future have only had two up days out of twelve trading sessions. The U.S dollar continues to gather strength amid the latest failure in Greece to form a government. The June gold futures have dropped $125.80 settlement to settlement since May 1st. Today’s range included a low of $1526.70 a level not seen since July 6th 2011. Lower Crude Oil prices also pressured the precious metals as June Crude Oil futures traded as low as $91.81 per barrel today. It was reported that Greece will schedule new elections for June 17th in hopes of electing a government. Many investors are thinking there is a strong possibility that Greece will exit the Euro currency as they unwilling to accept austerity anymore. Some analysts are Germany will save Greece with a last minute mega bailout. Either way the European region needs to stop the bleeding and figure a long tern resolution to their financial crisis. These Band-Aid bailouts are certainly not working.

The FOMC released their minutes from the April meetings… (Some headlines below)…

Several Members on the FOMC said easing may be needed if recovery falters…

Most members saw unemployment above their target in 2014…

Several members saw inflation at or below 2% in late 2014…

Tuesday:

Today’s June Gold futures covered a choppy and volatile $17.60 range as traders and investors alike are watching the chaos in Greece as the political uncertainty continues to pressure the Euro currency as well as the region. Greece’s elections on May 6th declared no clear-cut winner and after yielding no results today the country will hold another election in its attempt to form a new government. This political impasse has helped strengthen the U.S. Dollar as investors are choosing the Dollar and U.S Treasuries as their investment choice. A stronger U.S Dollar is normally “bearish” for precious metals. Today’s trading session produced low of $1546.80 the lowest level since December 29th…. After three straight losing sessions we have breached and held the $1545- $1550 support level…This is a very technical and pivotal level for the gold bugs…I guess time will tell….

Monday:

Today’s June Gold futures traded a volatile and choppy $35.80 range as a Greek political stalemate raises tensions within the European Union. Unable to reach a reach an agreement on forming a new government Greece is on the verge of pushing the country closer to financial default. Unless an agreement can be met tomorrow there is a real possibility that Greece may become the first country to forsake the Euro. Greece is scheduled to run out of money next month and they have no set government in place to negotiate the next bailout payment.
The latest chaos in Greece has raised the tension in the Euro region to new heights and sending investors out of the weakened Euro and into the U.S Dollar and U.S Treasuries.

RESISTANCE # 2……………    $1616.00
RESISTANCE # 1………………$1604.00
PIVOT……………………………$1586.00
SUPPORT # 1…………………..$1573.00
SUPPORT # 2…………………..$1556.00
VOLUME…………………………212,000

JULY SILVER
RESISTANCE # 2………………$29.58
RESISTANCE # 1………………$29.14
PIVOT…………………………..  $28.46
SUPPORT # 1…………………..$28.03
SUPPORT # 2…………………..$27.34
VOLUME………………………   48,000

PFGBEST Research Division
mdaly@pfgbest.com 
877-294-4669

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.

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com
Friday, May 18, 2012 at 5:54 AM\

Gold Settles $38.40 Higher … ($1574.90)

Today’s June Gold futures rebounded from four straight losing sessions and traded a robust $41.40 range. The Gold futures held a very key support level between $1520.00 and $1525.00
this coupled with the news from the FOMC April meeting minutes suggesting that several members of FED were in favor of more Quantitative Easing if the U.S Economy continues to falter brought the “bulls” back into the precious metals. Despite lower Crude Oil, U.S Dollar strength, and the continued chaos in Greece the possibility of more Easing / Stimulus completely trumped everything. The recent sell-off may have been overdone in my opinion however, the market is always right and certainly filled in a lot of technical gaps and pockets.
These levels may have also sparked bargain buying opportunities as the WGC (World Gold Council) announced that demand in China is increasing and may add 1,000 metric tons to their already insatiable demand by year end and may topple India as the number one consumer of Gold in the world soon…It has been reported that Iran is actively buying Gold bullion from Turkey for savings as well as trading currency as the sanctions imposed by the West begin to tighten…

Today the U.S Department of Labor report on Initial Jobless Claims is 370,000…
This was expected to be 365,000…..

RESISTANCE # 2……………    $1605.00
RESISTANCE # 1………………$1589.00
PIVOT……………………………$1564.00
SUPPORT # 1…………………..$1549.00
SUPPORT # 2…………………..$1523.00
VOLUME…………………………253,000

JULY SILVER
RESISTANCE # 2………………$28.95
RESISTANCE # 1………………$28.48
PIVOT…………………………..  $27.83
SUPPORT # 1…………………..$27.36
SUPPORT # 2…………………..$26.71

PFGBEST Research Division
mdaly@pfgbest.com 
877-294-4669

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.

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com
Tuesday, May 15, 2012 at 2:06 PM\

Gold Settles $3.90 Lower … ($1557.10)

Today’s June Gold futures covered a choppy and volatile $17.60 range as traders and investors alike are watching the chaos in Greece as the political uncertainty continues to pressure the Euro currency as well as the region. Greece’s elections on May 6th declared no clear-cut winner and after yielding no results today the country will hold another election in its attempt to form a new government. This political impasse has helped strengthen the U.S. Dollar as investors are choosing the Dollar and U.S Treasuries as their investment choice. A stronger U.S Dollar is normally “bearish” for precious metals. Today’s trading session produced low of $1546.80 the lowest level since December 29th…. After three straight losing sessions we have breached and held the $1545- $1550 support level…This is a very technical and pivotal level for the gold bugs…I guess time will tell….

ECONOMIC DATA 5/16
Housing Starts and Permits………7:30 am. cst.

RESISTANCE # 2………………$1574.00
RESISTANCE # 1………………$1565.00
PIVOT……………………………$1556.00
SUPPORT # 1…………………..$1548.00
SUPPORT # 2…………………..$1538.00
VOLUME…………………………151,000

JULY SILVER
RESISTANCE # 2………………$28.67
RESISTANCE # 1………………$28.38
PIVOT…………………………..  $28.14
SUPPORT # 1…………………..$27.84
SUPPORT # 2…………………..$27.61
VOLUME……………………….. 35,000
.

PFGBEST Research Division
mdaly@pfgbest.com 
877-294-4669

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.

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com
Tuesday, May 15, 2012 at 4:26 AM\

Gold Settles $23.00 Lower … ($1561.00)

Today’s June Gold futures traded a volatile and choppy $35.80 range as a Greek political stalemate raises tensions within the European Union. Unable to reach a reach an agreement on forming a new government Greece is on the verge of pushing the country closer to financial default. Unless an agreement can be met tomorrow there is a real possibility that Greece may become the first country to forsake the Euro. Greece is scheduled to run out of money next month and they have no set government in place to negotiate the next bailout payment.
The latest chaos in Greece has raised the tension in the Euro region to new heights and sending investors out of the weakened Euro and into the U.S Dollar and U.S Treasuries.

Economic data: 5/15
CPI……………………….  .7:30 am. cst.
Business Inventories……..7:30 am. cst.
Real Earnings…………... .7:30 am. cst.
Retail Sales…………….....7:30 am.cst.

RESISTANCE # 2………………$1602.00
RESISTANCE # 1………………$1582.00
PIVOT……………………………$1566.00
SUPPORT # 1…………………..$1545.00
SUPPORT # 2…………………..$1530.00
VOLUME…………………………151,000

JULY SILVER
RESISTANCE # 2………………$29.32
RESISTANCE # 1………………$28.83
PIVOT…………………………..  $28.52
SUPPORT # 1…………………..$28.04
SUPPORT # 2…………………..$27.72
VOLUME……………………….. 35,000
.

PFGBEST Research Division
mdaly@pfgbest.com 
877-294-4669

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.

Precious Metals Market Comments

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com

Monday, May 14, 2012 at 2:02 PM\

Gold Settles $23.00 Lower … ($1561.00)

Today’s June Gold futures traded a volatile and choppy $35.80 range as a Greek political stalemate raises tensions within the European Union. Unable to reach a reach an agreement on forming a new government Greece is on the verge of pushing the country closer to financial default. Unless an agreement can be met tomorrow there is a real possibility that Greece may become the first country to forsake the Euro. Greece is scheduled to run out of money next month and they have no set government in place to negotiate the next bailout payment.

The latest chaos in Greece has raised the tension in the Euro region to new heights and sending investors out of the weakened Euro and into the U.S Dollar and U.S Treasuries.

Economic data: 5/15

CPI………………………. .7:30 am. cst.

Business Inventories……..7:30 am. cst.

Real Earnings…………... .7:30 am. cst.

Retail Sales…………….....7:30 am.cst.

RESISTANCE # 2………………$1602.00

RESISTANCE # 1………………$1582.00

PIVOT……………………………$1566.00

SUPPORT # 1…………………..$1545.00

SUPPORT # 2…………………..$1530.00

VOLUME…………………………151,000

JULY SILVER

RESISTANCE # 2………………$29.32

RESISTANCE # 1………………$28.83

PIVOT…………………………..  $28.52

SUPPORT # 1…………………..$28.04

SUPPORT # 2…………………..$27.72

VOLUME……………………….. 35,000

.

PFGBEST Research Division

mdaly@pfgbest.com 

877-294-4669

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.

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com
Friday, May 11, 2012 at 2:34 PM

Gold Settles $11.50 Lower … (1584.00)

Today’s June Gold futures traded a $23.20 range which included a new low for the year. The day session traded as low as $1572.00 a level we have seen since December 30th 2011.
The precious metals remain under siege as the European Union debt crisis chaos continues to pressure the Euro currency and steering investors into the U.S Dollar and U.S treasuries as their preferred investment choice. Greece has received its 5.2 Billion Euro bailout from the ETSF (European Financial Stability facility) despite Greece’s inability to form a government.
Spain is seeking a 4.5 Billion Euro bailout in June in order to pay its bills. The uncertainty in the Euro region has caused traders and investors alike to be more tentative with their trading strategies especially when it comes to carrying open positions over night. The gold market reacted negatively to reports that J.P Morgan had suffered a 2 billion dollar trading loss on credit derivatives. Overall this has been a tough week for the Gold market and I expect the choppy and volatile conditions to continue as the European Union chaos drags on.

News from the week:

Thursday:

Today’s June Gold futures traded a quiet $17.20 range as global investors and traders alike remained tentative and viewed U.S Economic data and another European Union debt crisis reprieve as Greece will keep their funding until political election issues are resolved and a new Greek government is in place. This news resulted in a stronger Euro versus the U.S Dollar and therefore providing appeal for Gold. FOMC Chairman Ben Bernanke spoke to the Bank structure and confidence conference today and that may have sidelined many Gold bugs as his last speeches since 2/29 have single handedly crushed the price of Gold. On February 28th the June Gold contract traded as high as $1795.10. On February 29th  Chairman Bernanke revealed that there would not be a need for more economic stimulus in the near future which completely contradicted what the FOMC had been hinting for the previous 3 months causing the Gold to trade as low as $1680.00 during the day session. That’s a drop of $115.10 in a 24 hour period.
It is apparent that when Mr.. Bernanke speaks the “markets listen”……………
 In today’s speech Mr.. Bernanke stated “The banks have more to do to restore their health” “the banking sector has improved substantially” & “that demand for credit has remained sluggish”.
There was no mention of stimulus…

Wednesday:

Today’s June Gold futures traded a choppy and volatile $28.50 range and settling under $1600.00 per ounce for the first time since December 30th. Today’s volatility was attributed to concerns over Greek politician’s inability to form a new government. Once again the news from the European Union is as clear as mud. News confirmed and then denied and then confirmed that Greece would receive its bailout funds. The EFSF (European Financial Stability Facility) confirmed the release of 5.2 Billion Euro’s for Greece. Gold prices dropped as low as $1678.50 per ounce today as early reports and rumors concerning the bailout and the future status of Greece’s role as a member of the European Union chased investors into the U.S Dollar and U.S Treasuries as the EURO currency remained under siege. Investors feared that Greece would leave the European Union and have to sell gold reserves in order to pay its bills…
Between the FOMC and the continued debt crisis in the European Union the price of Gold has dropped from the years high of $1795.10 (2/28) to today’s low $1578.50… That’s a drop of $216.60 in 9 weeks. Without the strong physical buying presence from China and India the precious metals markets have been unable to retain rally momentum.
FOMC Chairman Ben Bernanke will address the 48th annual conference on Bank structure and competition that is sponsored by the Chicago FED. This is slated for 8:30 am, CST…..

Tuesday:

Today’s June Gold futures traded a choppy and volatile $44.00 range as investors and traders alike react to the latest European Union debt crisis. Today’s day session traded a low of $1595.50 a level it has not seen since January 3rd 2012. Global investors are viewing the leadership change in both Greece and France has heightened the political and economic turmoil in the Euro Region. The Euro currency is under siege as the instability of the Greek government has placed a heavy financial burden on the entire European Union as well as forcing global investors to buy U.S Dollars and U.S Treasuries. President elect François Hollande of France is scheduled to take charge May 15th has been very outspoken in regards to the financial bailouts given to Greece and the devastating effect it has had on France as well as the rest of the European Union. The French elected the Socialist party candidate ousting Nicholas Sarkozy who along with German Chancellor Angela Merkel was instrumental in getting Greece their bailouts. Apparently the citizens of France are tired of shouldering the economic weight that has
threatened the economic climate of France. A weaker Euro is ‘bullish’ for the U.S Dollar.
A strong U.S Dollar is “bearish” for precious metals lower Crude oil prices also attributed to lower precious metals prices as the June Crude Oil futures traded as low as $95.52 per barrel during the day session

 
MY SWING NUMBERS 5/10
JUNE GOLD
RESISTANCE # 2………………$1607.00
RESISTANCE # 1………………$1596.00
PIVOT……………………………$1584.00
SUPPORT # 1…………………..$1573.00
SUPPORT # 2…………………..$1561.00
VOLUME…………………………138,000

JULY SILVER
RESISTANCE # 2………………$29.49
RESISTANCE # 1………………$29.18
PIVOT…………………………..  $28.80
SUPPORT # 1…………………..$28.50
SUPPORT # 2…………………..$28.11
VOLUME……………………….. 33,000
.

PFGBEST Research Division
mdaly@pfgbest.com 
877-294-4669

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.

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com
Thursday, May 10, 2012 at 2:11 PM

Gold Settles $1.30 Higher … ($1595.50)

Today’s June Gold futures traded a quiet $17.20 range as global investors and traders alike remained tentative and viewed U.S Economic data and another European Union debt crisis reprieve as Greece will keep their funding until political election issues are resolved and a new Greek government is in place. This news resulted in a stronger Euro versus the U.S Dollar and therefore providing appeal for Gold. FOMC Chairman Ben Bernanke spoke to the Bank structure and confidence conference today and that may have sidelined many Gold bugs as his last speeches since 2/29 have single handedly crushed the price of Gold. On February 28th the June Gold contract traded as high as $1795.10. On February 29th  Chairman Bernanke revealed that there would not be a need for more economic stimulus in the near future which completely contradicted what the FOMC had been hinting for the previous 3 months causing the Gold to trade as low as $1680.00 during the day session. That’s a drop of $115.10 in a 24 hour period.
It is apparent that when Mr. Bernanke speaks the “markets listen”……………
 In today’s speech Mr. Bernanke stated “The banks have more to do to restore their health” “the banking sector has improved substantially” & “that demand for credit has remained sluggish”.
There was no mention of stimulus…

Economic Data 5/11
PPI…………7:30 am. CST.
 
MY SWING NUMBERS 5/10
JUNE GOLD
RESISTANCE # 2………………$1611.00
RESISTANCE # 1………………$1603.00
PIVOT……………………………$1594.00
SUPPORT # 1…………………..$1586.00
SUPPORT # 2…………………..$1577.00
VOLUME…………………………211,000

JULY SILVER
RESISTANCE # 2………………$29.71
RESISTANCE # 1………………$29.44
PIVOT…………………………..  $29.19
SUPPORT # 1…………………..$28.92
SUPPORT # 2…………………..$28.67
VOLUME……………………….. 47,000
.

PFGBEST Research Division
mdaly@pfgbest.com 
877-294-4669

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.