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Daily Gold and Silver Report

Gold Settles $5.30 Lower... ($1538.70)

Today's Gold session covered a $15.60 range as FOMC Chairman Ben Bernanke's outlook on the U.S economy boosted the U.S Dollar and made the precious metals less appealing .Despite higher Crude Oil prices (July Futures Traded $$101.89 Today) the stronger Dollar versus a basket of currencies led the way for the technically overbought Gold market to sell-off. During yesterday's speech Chairman Bernanke stated That there would not be Quantitative Easing 3... This certainly was "bearish" for the precious metals. Less money printed means more value for the Dollar. I am not totally convinced that we have seen the last of Quantitative Easing but according to Mr. Bernanke it will not be continued when QE2 expires. Traders and Investors alike will continue to use daily Economic data to base their trading strategies... We are now entering the summer markets and traders know that possibilities of range bound and sideways markets are in their future...a At least historically.... Today's traders were a bit skittish in anticipation of Thursday's Economic Data Bonanza ....

Silver finished the day session 42.6 Cents lower and settled at $36.62 per ounce.....

ECONOMIC DATA 6/9..........................

EXPORT SALES..........................7:30 AM CST.

INITIAL JOBLESS CLAIMS.........7:30 AM CST.

U.S. TRADE BALANCE...............7:30 AM CST.

WHOLESALE TRADE.................7:30 AM CST.

EIA GAS STORAGE 9:30 AM CST.

MY SWING NUMBERS FOR 6/9

AUGUST GOLD

RESISTANCE # 2.......................$1554.00

RESISTANCE # 1.......................$1546.00

PIVOT....................................... $1539.00

SUPPORT # 1...........................$1531.00

SUPPORT # 2...........................$1523.00

VOLUME ..................................99,000

JULY SILVER

RESISTANCE # 2........................$37.82

RESISTANCE # 1..................... .$37.22

PIVOT........................................$36.64

SUPPORT # 1............................$36.04

SUPPORT # 2............................$35.42

VOLUME....................................48,000

Mike Daly / Gold Specialist

PFG BEST

mdaly@pfgbest.com

877-294-4669

312-563-8029

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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