Precious Metals Market Comments

Gold Settles $50.30 Lower ... ($1565.50)

Today's August Gold futures traded a mammoth $43.40 volatile range.

The fallout from the FOMC's hesitance to inject more stimulus into U.S economy continued across the globe as investors and traders world-wide where once again disappointed in the FED's non- committal action. Apparently FOMC Chairman Bernanke's statement "we are prepared to do more" wasn't enough to keep Gold bugs confident in their long positions.

There is certainly a trend forming...Bernanke speaks and precious metals get crushed!

This trend started February 29^th....The U.S Department of Labor released last week's Initial Jobless Claims as 387.000. This was expected to be 383,000....

July Silver got clobbered as well...Settling $1.55 lower ... ($26.83.9 per ounce)

MY SWING NUMBERS 6/22

August Gold

RESISTANCE # 2............. $1623.00

RESISTANCE # 1............. $1595.00

PIVOT........................... .$1580.00

SUPPORT # 1...................$1551.00

SUPPORT # 2...................$1537.00

VOLUME.........................211, 000

July Silver

RESISTANCE # 2.................$28.51

RESISTANCE.#1................. $27.68

PIVOT................................$27.24

SUPPORT # 1..................... $26.40

SUPPORT # 2......................$25.97

VOLUME............................ 60,000

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