June Precious Metals Report

This month Edward Meir discusses the outlook for individual markets, but the general thread that runs through most of the views calls for lower prices initially, to be followed by a more modest recovery going into the latter part of the month.

This assumes, of course, that there will be a European game plan in place and that the Greek elections fall as we expect them to. One exception is the gold market, which he thinks will likely do better quicker than most, especially if a round of global quantitative comes through.

If we are correct in our thesis, gold will likely push higher over the next several weeks, perhaps even testing $1700-$1720 resistance over the course of June, while support should remain intact at $1520.

Chart-wise, silver enjoys good support around $27 (red line in our chart) while on the upside, resistance at $30.50 will likely be tested after the next round of buying comes through, likely on account of advancing gold prices.

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