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.
The price of Gold rebounded today as the Globex February contract covered a very choppy and volatile $19.20 range. The recent sell-off has once again produced strong buying interest for both physical Gold and Silver. The physical demand is world-wide as savvier investors are using the precious metals as a safe haven investment as global inflation is on the rise. Today’s weaker U.S Dollar helped to extend higher Gold and Silver prices… The recent hike in energy prices is also fueling the global inflation worries.. I still expect some rate hikes from Central Banks globally especially China and possibly India just to name a few as these countries are experiencing historically high inflation….However, global inflation should benefit both Gold and Silver as traditionally these precious have retained their value better than most other commodities during times of crisis……
GOLD (FEBRUARY) VOLUME……150,000
SILVER (MARCH) . .VOLUME…… 55,000
REPORTS: 1/19
HOUSING STARTS AND PERMITS ………7:30 AM (CST)
MY SWING NUMBERS 1/19
FEBRUARY GOLD
RESISTANCE # 2……….$1385.00
RESISTANCE # 1……….$1377.00
PIVOT …………..$1368.00
SUPPORT # 1……………$1358.00
SUPPORT # 2……………$1348.00
MARCH SILVER
RESISTANCE # 2……….$28.70
RESISTANCE # 1……….$29.37
PIVOT ……………………$28.69
SUPPORT # 1……………$28.28
SUPPORT # 2……………$27.68
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