Gold and silver prices rise as bulls keep their foot on the gas


Editor’s Note: Find yourself in minutes with our quick summary of today’s must-see news and expert opinions that have moved precious metals and the financial markets. Register here!(Kitco News) Gold and silver prices were higher at the start of the US session on Monday, with silver prices hitting an 11-month high and ending at $ 20. Purchasing interest continues to be fueled by bullish charts and disturbing geopolitical elements that persist right next to the front burner of the market. August gold futures were up $ 12.90 an ounce to $ 1,814.70. September Comex silver prices were up $ 0.537 to $ 19.595 an ounce.
Global stock markets were mainly up in day-to-day trading. The US stock indices are oriented towards higher openings at the start of the New York session. It’s a busy week for the market, as corporate profits, central bank meetings and China’s GDP data are expected.
Monday traders and equity investors look once again after the Covid-19 pandemic, which saw a record number of daily infections reported over the weekend in Florida, and are instead looking to improve global and local economies. economic data generally better than expected. as businesses around the world reopen their closings in the spring.
The rising tension between the United States and China has not yet returned to the forefront of the market, but it is near. The two largest economies in the world continue to trade barbs and punish each other.
Major foreign markets are now seeing Nymex crude oil prices drop and trade around $ 39.00 a barrel. The US dollar index is slightly down today. The yield on the 10-year US Treasury benchmark fell this week and is currently around the 0.6% level.
There is no significant US economic data expected to be released on Monday, but the pace picks up quickly on Tuesday.
Technically, gold bulls have a strong overall short-term technical advantage. Bulls’ next bullish target is to produce a close in August on resistance above $ 1,850.00. The next target for lower short-term bear prices pushes futures prices under solid technical support to last week’s low of $ 1,779.20. The first resistance was observed at $ 1,817.00 then at $ 1,825.50. The first support is seen at the current low of $ 1,802.10, then at $ 1,800.00. Wyckoff Market Assessment: 8.5

September silver bulls have the solid overall short-term technical advantage. The next target for higher silver bull prices is to close prices above solid technical resistance at $ 20.00 an ounce. The next breakout price target for the bears is to close prices below solid support at $ 18.00. The first resistance is observed at $ 19.75 then at $ 20.00. The next support is seen at $ 19.25 and then overnight low at $ 19.08. Wyckoff market note: 8.5.

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