(Kitco News) – Gold prices are significantly higher at noon in the United States on Monday, while silver prices are up sharply. Both metals hit new highs for the move last Friday. Gold hit a record high of $ 2,078.00, based on October Comex futures, while silver hit a more than seven-year high at $ 29,915, contract-based in the September Comex term. Some moderate profit-taking by futures traders pushed prices down to their highs, but the bulls quickly stepped in to buy the dips. October gold futures were last up $ 17.00 an ounce to $ 2,035.30. Comex silver prices in September were last up $ 1.565 to $ 29.095 per ounce.
Importantly, the charts still suggest that the path of least resistance for the gold and silver markets is even higher.
Global stock markets were mostly up in overnight transactions. US stock indices are mixed in midday trading in New York. Global traders and investors were somewhat appeased by news over the weekend that President Trump attempted to act unilaterally to provide more economic assistance to Americans, as Congress saw no progress on the issue. question. Whether Trump will succeed remains to be seen.
While the United States recorded the lowest number of new cases of Covid in almost a week, some states are still seeing an increase in infections. There are also reports that the Big Five University Conferences are due to cancel all sports for this fall. This could deal a psychological blow to many US traders and investors.
Tensions between the United States and China remain high as the top U.S. official in decades visited Taiwan over the weekend. Mainland Chinese military planes are said to have flown over Taiwan’s airspace. Mainland China claims Taiwan as its own province. Meanwhile, reports indicate that two US senators will be sanctioned by China in retaliation. It comes as top U.S. and Chinese trade officials are due to meet on August 15.
Important foreign markets are now seeing Nymex crude oil prices firming up and trading around $ 42.00 per barrel. The US dollar index is slightly higher on a corrective rebound after hitting a two-year low last week. The yield on the benchmark 10-year US Treasury bill is currently around 0.57%.Technically, October gold futures bulls have the strong overall short-term technical advantage, suggesting even more upside in the short term. Prices are in a two month uptrend on the daily bar chart. The next bullish target for gold bulls’ short term price is to produce a close above technical resistance at $ 2,100.00. Bears’ next short-term price drop target is to push prices under strong technical support at $ 2,000.00. The first resistance is seen at today’s high of $ 2,050.90 and then at $ 2,078.00. First support is seen at today’s low of $ 2,018.90 and then $ 2,000.00. Wyckoff Market Rating: 9.5
The September silver futures bulls have the strong overall short-term technical advantage. Prices are in a 4.5 month uptrend on the daily bar chart. The next bullish price target for Silver Bulls is to close prices above strong technical resistance at $ 30.00 an ounce. The next lower price target for the bears is to close the price below strong support at $ 25.00. The first resistance is seen at today’s high of $ 29.53 and then at $ 29.915. Next support is seen at today’s low of $ 27.96 and then at $ 27.50. Wyckoff Market Rating: 9.5.
September copper in New York City closed 755 points higher at 286.80 cents today. Prices closed closer to the session high today. Copper bulls have the overall technical advantage in the short term. However, a 4.5 month uptrend on the daily bar chart has been reversed. The next bullish price bull target for copper is to push and close the price above the strong technical resistance at 300.00 cents. The next lower price target for the bears is to close the price below strong technical support at 270.00 cents. First resistance is seen at today’s high of 288.50 cents, followed by last week’s high of 293.95 cents. First support is seen at 280.00 cents and then the current low of 278.20 cents. Wyckoff Market Rating: 7.0.
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