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 resiliency of the Gold market continued today. The market rallied from a low of $1353.20 early to actually close positive for the trading session. Today’s session covered a very choppy and volatile $20.40 range as traders continue to look to guard their positions and take quick profits in these unchartered levels.
Most traders agree that the Gold market is technically over bought however; the insatiable underlying demand continues to fuel and sustain this mammoth rally.
Investors and traders alike will be using the economic data of the globe to influence their trading strategies. The savvier investors have certainly made Gold their currency of choice as they have shown a lack of confidence in the fiat currencies. Gold and silver have a history of retaining their value better than most commodities during times of economic crisis.
Reports: 10 / 19 HOUSING STARTS and PERMITs………….7:30 am (CST)
MY SWING NUMBERS 10/19 DECEMBER GOLD
RESISTANCE # 2………………….$1386.00
RESISTANCE # 1………………….$1379.00
PIVOT …………………………….$1366.00
SUPPORT # 1……………………..$1359.00
SUPPORT # 2……………………..$1346.00
Mike Daly / Gold Specialist
PFG BEST
877-294-4669
312-563-8029
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
