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 day session produced another all-time high as the Globex December Gold contract traded $1424.30 for a high. Today’s trade was very choppy and volatile as trader’s uncertainty at these un-chartered levels fueled a late session sell-off.
The underlying fundamental continues to be a strong demand for physical Gold as traders and investors alike are choosing Gold and silver as their “safe haven” currency of choice. The global economy has forced investors to lose confidence in the world’s financial regulators as well as the fiat currencies.
The fragility in the Euro region has helped to fuel global demand along with the ever present insatiable demand from the Asian sector the physical demand is huge…..
Chinese government officials are continuing their criticism of the “loose” monetary policies abroad, particularly the recent “quantitative easing” policy revealed last week from the FOMC….
THIS IS GOING TO ESCALATE
REPORTS: Wednesday 11/10 …December Gold …..
INITIAL JOBLESS CLAIMS…….7:30 AM (CST)
U.S. TRADE BALANCE………..7:30 AM (CST)
MY SWING NUMBERS 11/10…………
RESISTANCE # 2………………$1432.00
RESISTANCE # 1………………$1416.00
PIVOT ……………………………$1408.00
SUPPORT # 1…………………..$1393.00
SUPPORT # 2…………………..$1384.00
Mike Daly / Gold Specialist
PFG BEST
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312-563-8029
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