Precious Metals Market Comments

Gold Settles $3.80 Lower ... ($1623.20)

Today's August Gold futures traded a quiet $16.20 range as many gold bugs appear to be waiting for news from the FOMC after their two day meeting ends tomorrow. The mood in the market remains tentative and uncertain as traders are hoping the FED will take a straight forward approach in its decision whether or not to inject more stimulus in order to jump start the sluggish U.S economy.... Many analysts are predicting the FOMC will suggest more stimulus however, we gold traders have been disappointed every FOMC meeting since September 29^th as FOMC Chairman Ben Bernanke has continuously stated that there is no need for anymore stimulus in the near future as the economy is growing at a gradual pace...The latest jobs sector housing sector, and trade numbers suggest the U.S economy is slowing....So it is my belief that traders and investors alike are waiting for tomorrow's FOMC news release before choosing their trading strategies.

6/20 Data:

FOMC day two.

MY SWING NUMBERS 6/19

August Gold

RESISTANCE # 2............. $1641.00

RESISTANCE # 1............. $1632.00

PIVOT........................... .$1625.00

SUPPORT # 1...................$1616.00

SUPPORT # 2...................$1609.00

VOLUME.........................121,000

July Silver

RESISTANCE # 2.................$29.14

RESISTANCE.#1................. $28.75

PIVOT................................$28.51

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SUPPORT # 1..................... $28.13

SUPPORT # 2......................$27.88

VOLUME............................ 34,000

PFGBEST Research Division

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.