Slight gains in gold and silver prices as the week of big US data approaches
(Kitco News) – Gold and silver prices rose slightly at the start of quieter US trading on Monday. This is the unofficial last week of summer for the United States. Look for the market to become more active next Tuesday, after the three-day US Labor Day weekend. This is a big week for US economic reports, so traders and investors are likely to become more concerned at least as the week progresses. The December gold price decreased by $2.70 to reach $1,942.50 and the December silver price increased by $0.037 to reach $24.62.
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Asian and European stock markets were mostly higher in overnight trading. US stock indices are pointing to slightly higher openings as the New York session begins. The news that China has cut its main tax rate and pledged to support its capital markets has boosted the attitudes of traders and investors in Asia.
Today the major foreign markets are seeing the US Dollar Index gain slightly. NYMEX Crude Oil futures prices are slightly higher, and are trading at around $80.00 a barrel. The benchmark 10-year US Treasury note currently stands at 4.235%.
US economic data due for release on Monday is light and includes a survey of Texas manufacturing expectations. The pace of data picks up quickly on Tuesday, which is big data week, including Friday’s Employment Situation report.
Technically, gold futures bears have an overall technical advantage in the near term. The next upside price target for the bulls is to close December futures above the strong resistance at $1,980.00. The next bearish near-term bearish price target is to push futures prices below the strong technical support at $1900.00. The first resistance appears at last week’s high of $1,951.30 and then at $1,963.50. The first support is located at Friday’s low at $1,931.00 and then at $1,926.20. Wyckoff Market Rating: 3.0
The silver bulls have a general technical advantage in the near term and they have momentum. There is an emerging bullish trend on the daily chart. The next upside price target for silver bulls is to close December futures prices above strong technical resistance at the July high of $25.82. The next downside price target for the bears is to close prices below the strong support level of the August low at $22,585. The first resistance is seen at last week’s high of $24.785 and then at $25.00. The next support is at Friday’s low of $24.31 and then at $24.00. Wyckoff Market Rating: 6.0.
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