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 covered a choppy $21.10 range as traders reacted to comments from Financial Ministers from the G20 meeting. it is certainly apparent most of the globe is criticizing the FOMC for last week’s decision for more “quantitative easing” (printing more money) and starting a currency war….most nations in attendance have suggested that FOMC’s decision is a recipe for global inflation…..
Just the mention of the word inflation and you will find savvier Gold bugs looking to buy the precious metal…. The fragility in European Union also has contributed to the recent rally as the Credit spreads between Irish and Euro region debt has widened to record levels….
Obviously the Irish debt crisis is worse than projected…
*HAPPY VETERANS DAY*
REPORTS 11/12…..
EXPORT SALES……….7:30 am (CST)
MY SWING NUMBERS 11/12
DECENBER GOLD RESISTANCE # 2……………..$1427.00
RESISTANCE # 1……………..$1417.00
PIVOT …………………………..$1406.00
SUPPORT # 1………………….$1394.00
SUPPORT # 2………………….$1385.00
Mike Daly / Gold Specialist
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312-563-8029
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