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 Globex (April) Gold covered a $17.40 range and once again notched new all-time high’s ($1445.70). The gold and silver markets are reaping the benefits of the Libyan chaos and the rising price of Crude oil as a result. The loss of Libyan Crude oil supply has investors flocking to the precious metals as a safe haven as well as a hedge against higher Crude which is inflationary. As we Gold bugs are aware, gold and silver retain value better during inflationary times than most commodities. Today May silver traded another 31 year high as it traded $36.73 truly amazing.
The precious metals markets gave back early gains as reports indicated that Libyan leader Gadhafi would depart if the rebels would drop their demands to try him in an International court and also guarantee his security…. stay tuned.
The price of Crude Oil traded as high as $106.95 per barrel. Consumers have seen prices at the pump jump 33 cents this month and with other OPEC nations experiencing demonstrations we may experience more supply issues down the road.
MY SWING NUMBERS FOR 3/8
APRIL GOLD
RESISTANCE # 2………………….$1453.00
RESISTANCE # 1………………….$1444.00
PIVOT………………………………..$1436.00
SUPPORT # 1……………………..$1426.00
SUPPORT # 2……………………..$1419.00
VOLUME…………………………….148,000
MAY SILVER
RESISTANCE # 2………………….$37.16
RESISTANCE # 1………………….$36.51
PIVOT………………………………..$36.08
SUPPORT # 1……………… …….$35.43
SUPPORT # 2……………………..$35.00
VOLUME…………………………….76,000
LET’S TALK GOLD……
Mike Daly / Gold Specialist
PFG BEST
312-563-8029
877-294-4669
