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 Gold market sold off today as traders took profits technical resistance levels held early and the market felt a bit top-heavy. The Globex exchange covered a $19.50 range as gold tumbled from its all time highs.
Fomc Chairman Ben Bernanke testified before the House Budget Committee and the following are some the highlights……..
“The Fed will take all necessary steps to aid in the economic recovery”
“The tight credit is restraining commercial real estate”
“Housing activity firmed only a little since mid-2009”
“Global investors have viewed treasuries as a safe haven”
“Long run inflation expectations have been stable”
“Inflationism likely to remain subdued”
“U.S Budget seems on “unsustainable path”
REPORTS:
Export Sales…..7:30 an (CST)
Initial Jobless Claims…7:30 am (CST)
U.S Trade Balance……7:30 am (CST)
Supply & Demand…….7:30 am (CST)
SWING NUMBERS
RESISTANCE # 2………..$1260.00
RESISTANCE # 1………..$1241.00
PIVOT……………………….$1231.00
SUPPORT # 1…………….$1222.00
SUPPOER # 2…………….$1212.00
Mike Daly / Gold Specialist
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312-775-3014
312-563-8029
*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, and FOREX*
