The price of gold goes up a bit as the market stops


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(Kitco News) – Gold prices are slightly higher at the start of U.S. trading on Tuesday, on a normal break after Monday, hitting a record high of $ 1,997.00, based on Comex futures contracts October. Silver prices are a bit lower after the good gains posted on Monday. October gold futures were last up $ 2.80 an ounce to $ 1,977.50. Comex silver prices in September last fell from $ 0.047 to $ 24.365 per ounce.
Gold and silver continue to benefit from the support of safe haven demand amid worrying rise in Covid-19 infections, geopolitics and concerns about problematic price inflation in the coming months .
Global stock markets were mixed in overnight trading. US stock indices point to slightly lower openings at the start of the New York session.
In the overnight news, Australia’s central bank kept monetary policy unchanged, but the bank said monetary stimulus and low interest rates will be needed for some time.
The key US data point for the week will be the Department of Labor’s Friday employment report. The number of non-farm payrolls is expected to increase by about 1.25 million after increasing 4.8 million in June. However, don’t be surprised to see the forecast fail, likely to get the markets moving.
Important foreign markets are now seeing Nymex crude oil prices lower and trading around $ 40.25 per barrel. Bulls in the crude oil market saw their uptrend on the daily chart stall and turn into sideways and volatile trading. The US dollar index is weaker today. The yield on the benchmark 10-year US Treasury bill is currently around 5.4%.
US economic data due for release on Tuesday includes the Goldman Sachs and Johnson Redbook’s weekly retail sales reports, the ISM New York Business Report, the IBD / TIPP Economic Optimism Index, and shipments and manufacturers’ stocks.Technically, gold bulls have the strong overall technical advantage in the short term. The next bull 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 the overnight high of $ 1,984.90 and then Monday’s high of $ 1,997.00. First support is seen at Monday’s $ 1,963.50 low and then $ 1,950. Wyckoff Market Rating: 9.5

The September silver futures bulls have the strong overall short-term technical advantage. The next bullish price target for Silver Bulls is to close prices above strong technical resistance at this week’s high of $ 26.275 an ounce. The next bearish price breakout target for the bears is to close the price below strong support at $ 22.00. First resistance is seen at $ 25.00, then Monday’s high of $ 25.275. Next support is seen at $ 24.00 and then at last Friday’s $ 23.41 low. Wyckoff Market Rating: 9.0.

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 for informational purposes only. It is not a solicitation to effect an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.


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