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 Gold session covered a traded a very technical $13.40 range as traders awaited the results of the FOMC 2 day meeting. The results of the FOMC meeting stated that the FED voted unanimously to keep everything the same including unchanged interest rates and quantitative easing. They also stated that the the recovery has been “insufficient” to reduce joblessness and called the Housing sector depressed. Gold and Silver both settled higher today as the U.S Dollar was lower versus the Euro. The precious metals had been on a spiral downward due primarily to the raising of key interest rates from the central banks of China, Thailand, and India to name a few. These nations central banks raised their rates in order to curb their countries historically high inflation.
REPORTS 1/27
Initial Jobless Claims………………7:30 AM (CST)
Durable Goods…………………….7:30 AM (CST)
Export Sales……………………….7:30 AM (CST)
MY SWING NUMBERS 1/27
FEBRUARY GOLD
RESISTANCE # 2……………………..$1345.00
RESISTANCE # 1……………………..$1340.00
PIVOT…………………………………..$1332.00
SUPPORT # 1…………………………$1326.00
SUPPORT # 2…………………………$1319.00
VOLUME……………………………………144k
MARCH SILVER
RESISTANCE # 2……………………$27.56
RESISTANCE # 1……………………$27.35
PIVOT………………………………… $27.00
SUPPORT # 1………………………..$26.79
SUPPORT # 2………………………..$26.44
VOLUME………………………………….40K
Mike Daly / Gold Specialist
PFG BEST [email protected]
877-294-4669
312-563-8029
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