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.
Once again the Gold market has showed its resiliency as the session covered a huge $23.30 range with high volume. The over-done sell-off yesterday presented the Asian sector another “bargain buying” opportunity as the November 5th “DIWALI FESTIVAL” demand remains insatiable.
The choppiness and volatility are a daily theme as traders are very aware that the Gold market is technically overbought which is fueling the apprehension at these lofty levels…
Savvy investors are also looking at the big picture and with the two day FOMC meeting Tuesday and Wednesday of next week the prospect of further “quantitative easing” is a negative correlation with the U.S Dollar.
Today’s initial Jobless Claims was 434,000 the lowest since July.
Reports:
GDP………..7:30 am (CST)
My Swing Numbers 10/29….. December Gold
RESISATNCE # 2…………….$1360.00
RESISTANCE # 1…………….$1351.00
PIVOT…………………………..$1337.00
SUPPORT # 1…………………$1328.00
SUPPORT # 2…………………$1314.00
LOOK FOR MY WEEKLY REPORT TOMORROW…
Mike Daly / Gold Specialist
PFG BEST
877-294-4669
312-563-8029
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
