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 trading session once again rebounded after a previous days price dip as investors looked at cheaper prices as an opportunity to re-enter the gold market at “bargain hunting “prices.
Today’s gold session covered a $17.00 range that continued to be choppy and volatile as these unchartered price levels have traders less willing to hold open positions and have forced even the savviest trader to take profits when available.
After the mammoth sell-off yesterday I felt the Asian sector primarily India would step in and buy the price dips simply because they are moving closer to the season’s biggest holiday’s and Festivals in which the giving of Gold and Silver gifts (Jewelry) is insatiable and demands huge supply from the jewelers of India…
DIWALI FESTIVAL “FESTIVAL OF LIGHTS” NOVEMBER 5th … We are trading in very uncertain times as we are all aware of the economic fragility on a world-wide basis…This scenario has forced investors to choose historically safer havens to protect their wealth and Gold and Silver meet that criteria….
REPORTS: 10 / 21 EXPORT SALES…………………..7:30 AM (CST)
INITIAL JOBLESS CLAIMS……..7:30 AM (CST)
MY SWING NUMBERS 10 / 21 December GOLD
RESISTANCE # 2………………..$1358.00
RESISTANCE # 1………………..$1351.00
PIVOT………………………………$1341.00
SUPPORT # 1…………………….$1334.00
SUPPORT # 2…………………….$1324.00
Mike Daly / Gold Specialist
PFG BEST
877-294-4669
312-563-8029
