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 $8.80 range. Gold traded lower off the better than expected Initial Jobless Claims data. For the week ending August 21st Initial unemployment claims dropped by 31,000 to 473,000 and better than the 490,000 that was projected.
Certainly this data was a much needed shot in the arm to the ailing Labor market. After the unemployment data was released the Gold drifted lower and traded a very tight and lackluster range before settling $3.60 lower for the session. I believe many traders sat the sidelines in anticipation of the GDP data and Ben Bernanke’s scheduled speech Friday afternoon In Kansas City , Missouri……
The Jewelers of India continue to stock their shelves In preparation of the upcoming Wedding and Festival season beginning next week (SEPTEMBER-DECEMBER)…..
Silver traded as high as $19.21 today as the high price of Gold has forced many to buy Silver as an alternative “safe haven”… Silver enjoys a duo metal status…it is a precious metal as well as an Industrial metal….there is high demand for Silver from the manufactures of batteries –solar panels….
REPORTS: 8/27
GDP……………………….7:30 am (CST)
FED CHAIRMAN Ben Bernanke will speak in Kansas City. MO.
My Swing Numbers 8/27…..(DECEMBER GOLD)
RESISTANCE # 2………….$1249.00
RESISTANCE # 1………….$1243.00
PIVOT…………………………$1240.00
SUPPORT # 1…………….…$1235.00
SUPPORT # 2……………….$1231.00
*LOOK FOR THE WEEKLY GOLD REPORT TOMORROW*
Mike Daly / Gold Specialist
PFG BEST [email protected]
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312-563-8029
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