The Metals Report
by Mike Daly
The Daly Gold Report(13)
5/29/2012
Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Tuesday, May 29, 2012 at 2:09 PM\
Gold Settles $20.20 Lower
($1548.70)
Todays June Gold futures covered a very choppy, volatile, and technical $37.80 range.
The Gold futures was once again unable to maintain early rally momentum as we seen a mid-late session sell-off taking the June contract as low as $1545.70. Todays sell-off was fueled by several factors. (1) Lower Crude Oil prices dipped as low as $90.25 per barrel today. (2) U.S Dollar strength versus the Euro currency as Egan-Jones cut Spains rating to B from BB- and showing a negative outlook. The Euro currency traded well below the $1.25 level. (3) The June Gold futures market held resistance levels between $1583.00 - $1585.00 causing traders to take day session profits. The futures market also held downside support levels between $1544.00 - $1545.00 levels
Traders and investors alike will be eyeing the possibility of China adding more stimulus to its economy which may bring investors back into the precious metals as their: safe haven investment of choice. Also the United Nations atomic agency found evidence Iran has increased its output of enriched uranium in order to help them achieve nuclear capability.
MY SWING NUMBERS 5/30
June Gold
RESISTANCE # 2
.$1597.00
RESISTANCE 3 1
.$1572.00
PIVOT
$1559.00
SUPPORT # 1
...$1535.00
SUPPORT # 2
...$1521.00
VOLUME
.157, 000
July Silver
RESISTANCE # 2
.$29.14
RESISTANCE # 1
.$28.47
PIVOT
$28.09
SUPPORT # 1
...$27.41
SUPPORT # 2
...$27.04
VOLUME
31,000
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.
Mike Daly
PFGBEST Broker
(312) 775-3014
mdaly@pfgbest.com
