Gold price tumbles on reports of de-escalating Middle East tensions
Gold plunged 3% after Axios reported that Israel and Lebanon have accepted the terms of a ceasefire agreement.
Today’s session produced a $19.40 choppy range as traders decided that NO INTEREST RATE hike from the Peoples Bank of China was an indicator to buy Gold. China raised rates Friday on it’s banks “reserve requirements ratio” .50 basis points to help curb inflation. China is experiencing historic commodity prices…
Gold and Silver volatility subsided late in the session as traders may be looking toward tomorrows key economic data as well as the t5uesday meeting of the FOMC…The minutes from the Fed meeting are always worth keeping an eye on !!!!
Gold and Silver traders will certainly be deciphering tomorrows economic data as it will surely give the precious metals direction….
Tuesday 12/14 Economic Data:
FOMC MEETING………….
Business Inventories…………7:30 am (CST)
PPI………………………………7:30 am (CST)
RETAIL SALES………………7:30 am (CST)
FEBRUARY GOLD SWING NUMBERS 12/14
RESISTANCE # 2………………$1412.00
RESISTANCE # 1………………$1405.00
PIVOT…………………………….$1393.00
SUPPORT # 1…………………..$1386.00
SUPPORT # 2…………………..$1373.00
MARCH SILVER SWING NUMBERS 12/14
RESISTANCE # 2……………..$29.20
RESISTANCE # 1……………..$28.75
PIVOT……………………………$28.62
SUPPORT # 1………………….$27.50
SUPPORT # 2………………….$27.04
Mike Daly / Gold Specialist
PFG BEST
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312-563-8029
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