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 produced a n extremely strong rally as the physical demand and flight to “safer havens” fuel futures buying. The rally was extended as very key technical resistance levels $1225,$1230,1235, and $1240) were breached and triggering the execution of stop-loss orders and blowing the ‘bears’ out of their positions. We settled roughly $10.00 from all-time high’s…
Once again the Gold and Silver markets continue to be the choice of the global investor as the fiat currencies continue to lose their luster. With the day to day geo-political tension world-wide and the continuation of uncertainty in the Euro-region investors are moving to tangible assets. Investors are buying Gold as a long term investment.
Swing Numbers for Tuesday 6/8……August Gold….
RESISTANCE # 2…..$1263.00
RESISTANCE # 1…..$1252.00
PIVOT ………………..$1232.00
SUPPORT # 1………..$1221.00
SUPPORT # 2………..$1201.00
Mike Daly / Gold Specialist
PFG BEST
[email protected]
877-294-4669
312-775-3014
312-563-8029
*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, and FOREX*
