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(Kitco News) – Gold and silver prices are lower Tuesday around noon. Falling crude oil prices and rising US Treasury bond yields helped put pressure on precious metals markets. Additionally, the recent rally in US equity indices from multi-month highs on Monday is taking away traders/investors’ interest in the long side of the safe-haven gold and silver markets. October gold futures last fell $7.80 to $1,780.00. September Comex silver futures were last down $0.167 at $20.11 an ounce.
Global stock markets were mixed to strengthen overnight. US stock indexes are mixed around noon. Corporate earnings reports are in the spotlight this week. Risk appetite in the market this week is less than robust after pessimistic economic conditions out of China prompted China’s central bank to ease monetary policy. Additionally, a weaker Empire State US manufacturing report on Monday heightened concerns about an impending US recession.
Major outside markets are seeing Nymex crude oil prices drop today and trading around $87.50 a barrel. According to reports, Iran may take steps in its nuclear program to ease international sanctions against Iranian oil. The US dollar index is a bit weaker at midday in the United States. The yield on the 10-year US Treasury bond reached 2.837%.
Technically, October gold futures have the overall short-term technical advantage. An incipient price trend on the daily bar chart has been undone. The Bulls’ next upside price objective is to produce a close above strong resistance at the August high of $1,814.40. Bears next short-term downside price objective is to push futures prices below strong technical support at $1,725.00. First resistance is seen at today’s high of $1,787.60 and then at 1,800.00. First support is seen at today’s low of $1,775.20 and then at $1,760.00. Wyckoff Market Rating: 3.5.
September silver futures have the overall short-term technical advantage. An incipient uptrend on the daily bar chart has come to a halt. The next upside price objective for the silver bulls is to close prices above the strong technical resistance at $22.00. The next downside price objective for the bears is to close prices below the strong support at $19.00. First resistance is seen at today’s high of $20.25 and then at $20.50. The next support is seen at today’s low of $19.86 and then at $19.47. Wyckoff Market Rating: 3.5.
September NY Copper closed down 65 points at 361.10 cents today. Prices closed near the mid-range. Copper bulls and bears are in an overall short-term technical playing field. Prices tend to rise on the daily bar chart. The next upside price objective of the copper bulls is to push and close prices above strong technical resistance at 385.00 cents. The next downside price target for the bears is for prices to close below strong technical support at 330.00 cents. First resistance is seen at last week’s high at 371.30 cents, then at 380.00 cents. The first support is seen at this week’s low at 354.60 cents, then at 350.00 cents. Wyckoff Market Rating: 5.0.
Disclaimer: 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 strictly for informational purposes only. This is not a solicitation to trade commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage resulting from the use of this publication.