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 $10.50 range as the news and rumors from Libya had investors and traders watching the newswires. Thousands of foreigners are trying to escape the chaos of Tripoli which is Libya’s capital city. It has been reported that the U.S. and European governments have sent ferries and military aircraft to get their citizens out. There have been reports of heavy casualties in cities surrounding Tripoli. Threatening the supply of Crude oil has ultimately been fueling oil prices to breach the $100.00 per barrel level (HIGH TODAY =$103.41). Higher Crude prices are inflationary and would be “bullish” for both Gold and Silver. Gold should continue to be supported by these geo-political tensions.
Libya is a OPEC member and produces 1.6 million barrels of oil a day.
After the day session closed Gold and Silver both sold off hard based off RUMORS that Qaddafi was preparing to flee to Zimbabwe…… KEEP AN EYE ON THIS.
JOBLESS CLAIMS were 14,000 less that forecasted.
ECONOMIC DATA 2/25
GDP…………………7:30 am (CST)
EXPORT SALES….7:30 am (CST)
MY SWING NUMBERS
APRIL GOLD
RESISTANCE # 2…………………….$1425.00
RESISTANCE # 1…………………….$1420.00
PIVOT ………………………………….$1414.00
SUPPORT # 1………………………..$1409.00
SUPPORT # 2………………………..$1403.00
MARCH SILVER
RESISTANCE # 2……………………..$33.11
RESISTANCE # 1……………………..$32.79
PIVOT…………………………………….$32.27
SUPPORT # 1…………………………$31.64
SUPPORT # 2…………………………$31.43
Mike Daly / Gold Specialist
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877-294-4669
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