in

More safe-haven demand boosts gold, silver prices

More safe-haven demand boosts gold, silver prices


Payeer

Editor’s Note: Get caught up in minutes with our speedy summary of today’s must-read news stories and expert opinions that moved the precious metals and financial markets.

(Kitco News)Goldprices are higher in early US trading Tuesday, on more safe-haven buying interest amid heightened trader and investor anxiety in the world marketplace.December gold futureswere last up $ 12. 10 an ounce at 1, 541. 30.December Comex silverprices were last up $ 0. (at $) . 66 an ounce.

Asian and European stock markets mostly lower overnight. U.S. stock indexes are pointed toward solidly lower openings when the New York day session begins. Risk aversion is back in the marketplace early this week, amid geopolitical matters that continue to simmer.

China over the weekend filed a complaint with the World Trade Organization against the U.S. and its tariffs imposed on China. This move appears to ratchet up the trade war between the world’s two largest economies. The Chinese yuan dropped to an 11 – year low against the US dollar overnight, at near 7.2 to the dollar. The weaker yuan makes Chinese goods less expensive in U.S. dollar terms.

Civil unrest continues high in Hong Kong after another weekend of protesting. Reports said Hong Kong authorities are now considering declaring a state of emergency.

The British pound fell to a 34 – year low against the greenback today amid turmoil in the UK over the British exit from the European Union (Brexit). The U.K. is presently set to leave the EU in October. New Prime Minister Boris Johnson is battling with his own party on the matter, as Johnson wants out of the EU in October, with no more extensions to negotiate a “soft” Brexit.

Meantime, Australia’s central bank held its interest rates steady today at its regular monetary policy meeting, but said future interest rate cuts could occur.

The key “outside markets” today seeNymex crude oilprices down and trading around $ 54. 25 a barrel. TheU.S. dollar indexis solidly higher and hit a 27 – month high overnight.

U.S. economic data due for release Tuesday includes the U.S. manufacturing purchasing managers ’index (PMI), the ISM manufacturing report on business, the IDB / TIPP economic optimism index, the global manufacturing PMI, and construction spending.

Live 24 hours gold chart [Kitco Inc.]

Technically, the gold bulls have the solid overall near-term technical advantage. A three-month-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close in October futures above solid resistance at $ 1, 600. 00. Bears’ next near-term downside price breakout objective is pushing December futures prices below solid technical support at $ 1, 500. 00. First resistance is seen at $ 1, 546. 10 and then at 1, 550. 00. First support is seen at the overnight low of $ 1, 528. 00 and then at last week’s low of $ 1, 525. 60 . Wyckoff’s Market Rating: 8.0

Live 24 hours silver chart [ Kitco Inc. ]

December silver futures bulls have the strong overall near-term technical advantage. Prices are in an accelerating three-month-old uptrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $ 19. 00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at this week’s low of $ 17. 64. First resistance is seen at last week’s high of $ 18. 76 and then at $ 19 . 00. Next support is seen at the overnight low of $ 18. 365 and then at $ 18. . Wyckoff’s Market Rating: 8.5.

 

Disclaimer:The views expressed in this article are those of the author and may not reflect those ofKitco Metals Inc.The author has made every effort to ensure accuracy of 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 make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and / or damages arising from the use of this publication.

                                                          

Brave Browser

Read More

What do you think?

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings

Democrats criticize Pence for staying at Trump hotel in Ireland

Democrats criticize Pence for staying at Trump hotel in Ireland

Justin Bieber shares use of 'heavy drugs' in revealing post

Justin Bieber shares use of 'heavy drugs' in revealing post