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 very quiet $8.70 range as investors seemed unfazed by the Banking news coming from the European Union this weekend.
News that the Governors and Heads of Supervision of the Basel Committee has set higher requirement for capital conservation… The guideline requests Banks set aside 7% of its capital to support them in times of crisis…
Bangko Sentral ng Philipinas (BSP) set tougher guidelines for Banks to help ensure a repeat of the 2008 financial crisis.
Despite the so-called good economic news from the Banking Industry it is apparent the investment community is not leaving the flight to safety precious metals markets as of yet. Investors are still choosing tangible “safe haven” investments….
In fact the Asian sector has continued to buy price dips primarily the jewelers of India as their Wedding and Festival is in full swing… I expect this trend to continue through “Diwali” festival 11/5…..
Reports: 9/14 Business Inventories……7:30 am (cst)
Retail Sales…………………7:30 am (cat)
My Swing Numbers….9/14….December
RESISTANCE # 2……………$1256.00
RESISTANCE # 1……………$1252.00
PIVOT ………………………$1247.00
SUPPORT # 1………………..$1243.00
SUPPORT # 2… …………….$1238.00
Mike Daly / Gold Specialist
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