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.
Gold Settles $3.90 Lower …($123O.50)
Today’s Gold trade was very choppy as investors may be side-lined as they await some key economic data tomorrow morning. There was plenty of news from the Euro region and most of it was negative for the Euro. A Spanish financial journal (El Economista) reported that Spain was involved in a secret meeting with The European Union and the IMF and the U.S Treasury seeking a credit line of 250 Billion Euro’s….
All parties denied this happen…. However we do know that the EU and the IMF are putting some type of aid package together for Spain… We also learned that European Central Bank Member Nout Wellnik stated “the Netherlands should take firm Measures as quickly as possible as their economic situation Is quite serious.”
PHYSICAL BULLION DEMAND remains very high!!!
Industrial Production was UP 1.2 % Housing Starts were the lowest since December (593 thousand) and Permit were at their lowest level since last may….
Tomorrows (6/17) Reports:
CPI……………………….7:30 am (CST)
EXPORT SALES ……7:30 am (CST)
JOBLESS CLAIMS….7:30 am (CST)
REAL EARNINGS….7:30 am (CST)
My SWING NUMBERS FOR AUGUST GOLD…6/17
RESISTANCE # 2…………$1244.00
RESISTANCE # 1………..$1238.00
PIVOT ………………………$1233.00
SUPPORT # 1…………….$1226.00
SUPPORT # 2…………….$1222.00
Mike Daly / Gold Specialist
PFG BEST
877-294-4669
312-563-8029
312-775-3014
*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, and FOREX*
