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Gold Slightly Up As U.S. Dollar Fades

Kitco News

(Kitco News) - Gold prices are slightly higher in midday U.S. trading Tuesday. Prices did poke back above $1,200.00 overnight, as the U.S. dollar is under pressure today after President Trump expressed disappointment with the Federal Reserve. This week the gold and silver market bears are showing signs of exhaustion, to suggest near-term market bottoms are in place. December gold futures were last up $2.10 an ounce at $1,196.70. September Comex silver was last up $0.075 at $14.745 an ounce.

The feature in the marketplace today was a lower U.S. dollar index in the wake of remarks from Trump to supporters criticizing the Federal Reserve for raising interest rates. Trump reportedly said Fed Chairman Jay Powell is not doing the job the president had hoped he’d do, according to Reuters. The Fed has raised U.S. interest rates twice this year and is likely to raise them at least one more time this year.

Traders are now looking ahead to Wednesday afternoon’s FOMC minutes, to be released at 2:00 p.m. EDT. In recent months, the minutes have moved the markets.

Another highlight of the trading week will be the annual meeting of world central bankers in Jackson Hole, Wyoming, late this week.

The other key outside market today find October Nymex crude oil futures prices higher and trading just above $66.00 a barrel.

Live 24 hours gold chart [Kitco Inc.]

Technically, gold bears still have the overall near-term technical advantage amid a price downtrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close in December futures above solid resistance at $1,226.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at last week’s low of $1,167.10. First resistance is seen at today’s high of $1,203.10 and then at $1,212.50. First support is seen at Monday’s low of $1,189.60 and then at $1,180.00. Wyckoff's Market Rating: 2.5

Live 24 hours silver chart [ Kitco Inc. ]

September silver futures bears still have the overall near-term technical advantage. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $15.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.00. First resistance is seen at the overnight high of $14.83 and then at $15.00. Next support is seen at $14.50 and then at last week’s low of $14.315 and then at $14.25. Wyckoff's Market Rating: 2.5.

Disclaimer: The views 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 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.

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