Markets

Daily Gold and Silver Report

Gold Settles $1.80 Higher... ($1526.20)

Today's Gold trade covered a very choppy $21.20 range as traders continue to decipher the daily economic data. More uncertainty from the European Union especially from Greece and Ireland have investors trading the fragility of the region. The weakness in the Euro region is putting a drag on the Euro and therefore giving strength to the U.S Dollar.... Despite a huge drop in Crude Oil as the July futures contract traded as low as $94.03 per barrel the Gold continues to remain resilient as investors are still using it as a :safe haven" investment.

Today's trade was very choppy as it appeared that traders were liquidating position as the momentum changed from upside to downside several times during the session....

It is my belief that traders are eyeing tomorrows economic news primarily the Initial Jobless Claims number....As we have learned the biggest drag on the U.S economy have been high unemployment and the housing sector. I also believe traders are expecting more tightening from the Peoples Bank of China sooner than later as they continue to battle historic inflation....

Silver failed to close higher by ,1 today as the session covered a $116.5 cent choppy and volatile range...settling at $35.41 on the day...

Economic Data 6/16...

AUGUST GOLD

RESISTANCE # 2......................$1546.00

RESISTANCE # 1......................$1536.00

PIVOT......................................$1525.00

SUPPORT # 1..........................$1515.00

SUPPORT # 2..........................$1504.00

VOLUME...................................130,000

JULY SILVER

RESISTANCE # 2.......................$36.56

RESISTANCE # 1.......................$35.99

PIVOT........................................$35.40

SUPPORT # 1............................$34.82

SUPPORT # 2............................$34.24

VOLUME....................................56,000

Mike Daly / Gold Specialist

PFG BEST

mdaly@pfgbest.com

312-563-8029

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.

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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