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 traded a technical $12.50 range. It appeared that traders were a tentative around the $1255.00 plus levels and took some profits prior to the economic data due out tomorrow morning.
Gold traders are also concerned about the possibility of a strike by the National Union of Mineworkers in South Africa. South Africa is the number two Gold producers second only to China….
Traders are looking at a possible supply and demand issue…. Once again the Gold and U.S Dollar are coupled as the inconsistency of the Euro is fueling Gold / U.S Dollar strength. Gold ended the month of August higher by 5.6%….
During a Television interview Philadelphia Central Bank boss Charles Plosser stated the Fed can do more to affect the jobless rate this year….
PREVIOUSLY….every price dip was met with a surge of Asian buying……..
*please feel free to contact me with your questions and comments……..
REPORTS: 9/2
EXPORT SALES…………………….7:30 AM (CST)
INITIAL JOBLESS CLAIMS…. ….7:30 AM (CST)
PRODUCTIVITY ……………………7:30 AM (CST)
FACTORY ORDERS ……………….9:00 AM (CST)
MY SWING NUMBERS 9/2
RESISTANCE # 2……………………$1262.00
RESISTANCE # 1……………………$1256.00
PIVOT ………………………………..$1250.00
SUPPORT # 1……………………….$1242.00
SUPPORT # 2……………………….$1238.00
Mike Daly / Gold Specialist
PFG BEST
877-294-4669
312-563-8029
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