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 trading session covered a very choppy and volatile $9.00 range. December Globex traded as high as $1273.50 and just thirty minutes later we trading on the lows. ($1264.50).
The market appeared to run out of buying momentum and with key economic data due out tomorrow morning I believe traders liquidated positions and booked some profits.
Tuesday’s mammoth rally produced another all-time high ($1276.10) and I was not surprised that today yielded a bit of a pull back. We as Gold traders are once again in unchartered territory and it was evident in the volatility.
Gold and Silver continue to be appealing alternative investments as global investors are seeking “safe haven” and tangible assets to protect their hard earned income. The lack of confidence in fiat currencies and Financial Regulators has fueled the bullion demand.
We are just two weeks into the four month long Wedding and Festival Season in India. The demand from the jewelers of India to meet the insatiable demand should also remain high….
December Globex Volume…90 K PLUS Economic
Reports 9/16………..
EXPORT SALES………………7:30 AM (CST)
INITIAL JOBLESS CLAIMS. ..7:30 AM (CST)
PPI………………………………..7:30 AM (CST)
MY SWING NUMBERS FOR 9/16….December….
RESISTANCE # 2………….$1278.00
RESISTANCE # 1………….$1274.00
PIVOT ………………………..$1269.00
SUPPORT # 1………………$1264.00
SUPPORT # 2………………$1260.00
PLEASE email questions or comments….
Mike Daly / Gold Specialist
PFG BEST
877-294-4669
312-563-8029
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