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 Gold gained support off U.S Dollar weakness as investors showed renewed interest in buying the yellow metal.The Globex contract covered a choppy $25.00 range as traders are using daily economic data to determine their market strategies. The Department of Labor released data today showing the new Initial Jobless Claims rose 2,000 to 439,000.
I believe investors are still looking to China to see if they intend to raise their Interest rates once again. The China Central Bank unexpectedly raised their benchmark lending rates 0.25 percentage rates on October 19,2010 for the first time in three years. According to Chinese officials the rate was raised as an attempt to curb the countries historic high prices for commodities.(Slow their inflation)…Many analysts expect China’s Banks to raise their rates again…..
My Swing Numbers 11/19 December Gold…..
RESISTANCE # 2…………….$1374.00
RESISTANCE # 1…………….$1364.00
PIVOT…………………………..$1349.00
SUPPORT # 1…………………$1339.00
SUPPORT # 2…………………$1324.00
Mike Daly / Gold Specialist
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