This is being written at 2:37 PM Eastern time on June 3, 2009.

Some technical damage was done to both the Gold and Silver markets today as the Dollar strengthened significantly pulling most commodities lower.  AUG GOLD closed the open outcry session at 965.60, down 18.90 or nearly 2% on the day.  Should the market close below 963.00 on Thursday then the short-term trend will be DOWN and the possibility of further selling pressure will increase substantially.  Support lies at the 941.00 area which could be reached by the end of the week if the pace of selling is sustained.

JUL SILVER closed at 15.31, down $0.645 on the day or better than 4%.  A close below 15.17 will turn the short-term trend in Silver negative and put support at 14.19.

Some near-term strength in the Dollar was not unexpected considering the thrashing that the greenback has taken over the  past 3 months.  And understand this.  I’m not recommending that anyone get SHORT Gold or Silver at this time.  I’m only putting out this alert because these markets are at important levels that could push them lower in the near-term.  I’m still extremely BULLISH for the long-term and I won’t be surprised if we look back at this period of weakness and realize what a great BUYING opportunity it was.  So, be patient and I’ll send out an update at the close on Friday.

Good trading,

Dale F. Doelling, Chief Market Analyst

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