Gold price stops amid bullish market attitudes

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(Kitco News) – Gold prices are almost flat at the start of US negotiations on Monday, while silver shows decent gains. Currently, risk aversion is lower in the global market, limiting the bulls in safe metals somewhat. October gold futures were last stable at $ 1,966.80. Comex silver prices in December were up $ 0.385 to $ 28.18 an ounce.
Global stock markets were mostly higher overnight. US stock indexes are also pointed to higher openings at the start of the New York session. US stock indexes had a very good August, with the Nasdaq and S&P again hitting record highs overnight. Traders and investors remain bullish as fall approaches. The pandemic is still seriously affecting parts of the United States and the world, but hopes are high that a credible vaccine will arrive as soon as possible. Additionally, most believe that major governments will not see their economies almost completely locked down again, even if a second wave of the virus hits later this fall.
In the overnight news, the official measure of Chinese factory activity rose at a slower pace in August than expected. The official purchasing managers index in China’s manufacturing sector fell to 51.0 in August from 51.1 in July. The reading was below the average forecast of 51.2. However, the August reading was the sixth consecutive month the index was above the 50 mark which suggests an expansion.
Important foreign markets are now seeing Nymex crude oil prices rise and trade around $ 43.50 per barrel. The US dollar index is down and close to its recent two-year low. The yield on the 10-year US Treasury note is currently trading around 0.74%.
US economic data due for release Monday is light and includes the Texas Manufacturing Outlook Survey.Technically, the Gold Bulls still have the overall firm technical advantage in the near term, amid recent choppy trading. Prices are still in an uptrend on the daily bar chart. The next bullish price target is to produce an October futures close above the strong resistance at $ 2,000.00. The next short-term bearish price drop target for the Bears is to push futures prices under strong technical support at $ 1,900.00. First resistance is seen at last week’s high of $ 1,978.50 and then $ 2,000.00. First support is seen at the overnight low of $ 1,955.00 and then at $ 1,921.20. Wyckoff Market Rating: 7.5

December silver futures bulls have a strong overall short-term technical advantage. A bullish symmetrical triangle pattern has formed on the daily bar chart. Prices are still in an overall uptrend on the daily bar chart. The next bullish price target for Silver Bulls is to close prices above strong technical resistance at the August high of $ 30.19 an ounce. The next lower price target for the bears is to close prices below solid support at the August low of $ 23.80. First resistance is seen at the overnight high of $ 28.465 and then at $ 28.775. The next support is seen at the overnight low of $ 27.79 and then at $ 27.50. Wyckoff Market Rating: 7.5.

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

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