Gold prices pause Tuesday as stocks recover despite storms

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(Kitco News) – Gold prices were almost stable Tuesday morning in the United States. The metal refuge is supported by a demand for refuge as the US dollar sinks amid major civil unrest in America. However, traders who appear to be wearing eyelets that push stock prices north – despite the acute turmoil around the world, limit the advantage of precious metals. August gold futures last increased from $ 1.20 an ounce to $ 1,751.70. July Prices for Comex silver last fell from $ 0.037 to $ 18.79 an ounce.
Global stock markets were mostly firmer in the night trade. The US stock indices are oriented towards higher openings when the New York day session begins. Stock markets currently appear to be ignoring major storm clouds, including the Covid-19 pandemic that severely crippled global economies, an impending “cold war” between the two largest economies in the world – the United States and China, and the civil unrest in the United States that has exploded in violence never seen in more than 50 years. Many market observers believe that the strength of global stock markets is mainly due to the massive injection of monetary stimulus by central banks into economies that see much of this money flowing into stocks. The juxtaposition of a rally on Wall Street and a troubled main street could have important political implications along the way.
In other news, the US Congressional Budget Office said that a full economic recovery in the United States after damage from the pandemic could take 10 years.
Large foreign markets are seeing the US dollar index fall earlier today and hit a new 2.5-month low overnight. The greenback is passed out in part because of civil unrest in America. The currencies of countries further from the current fray benefit, notably the Australian and Canadian dollars and the British pound. Nymex crude oil prices are higher and are trading around $ 36.50 a barrel. The yield on the 10-year US Treasury benchmark is currently around 0.68%.
US economic data to be released on Tuesday includes the weekly retail reports Johnson Redbook and Goldman Sachs, the ISM New York report on sales of businesses and the domestic auto industry.

Technically, gold bulls have the overall firm short-term technical advantage and maintain an upward price trend on the daily bar chart. Bulls’ next bullish price target is to close August on resistance above the strong resistance of April’s high of $ 1,789.00. Bears’ next short-term price cut target pushes futures prices under solid technical support to $ 1,668.40. The first resistance is observed at this week’s high at $ 1,761.00, then at $ 1,775.00. The first support is seen at this week’s low of $ 1,737.60, then at $ 1,725.00. Wyckoff Market Assessment: 7.5

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Silver bulls on July have solid short-term overall technical advantage. The next target for higher silver bull prices is to close prices above solid technical resistance at the February high of $ 19.075 per ounce. The next breakout price target for the bears is to close prices under solid support at $ 17.00. The first resistance is observed this week’s high at $ 18.95 and then at $ 19.075. The next support is seen at this week’s low of $ 18,455, then at $ 18.15. Wyckoff Market Assessment: 8.0.

Warning: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has done everything possible to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept guilt for loss and / or damage resulting from the use of this publication.

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