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Gold price near steady amid quieter marketplace Monday

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(Kitco News) - Gold prices are trading near unchanged and silver prices slightly higher in early U.S. trading Monday. It’s a quieter start to the trading week, which is the unofficial last week of summer for Americans, ahead of the three-day Labor Day holiday weekend. October gold futures were last down $0.20 at $1,817.00. September Comex silver was last up $0.128 at $24.19 an ounce.

Global stock markets were mostly firmer overnight. The U.S. stock indexes are pointed to firmer openings when the New York day session begins, with the Dow and Nasdaq futures poking to record highs overnight. U.S. trader and investor attention to start the trading week is on Hurricane Ida that pounded the Louisiana and Mississippi coasts Sunday and overnight. The final days of the U.S. evacuations in Kabul, Afghanistan occur early this week, after last week’s terror attack that killed scores. Later this week comes the all-important U.S. jobs report on Friday morning.

Traders have mostly digested last week’s Jackson Hole, Wyoming annual Federal Reserve symposium. While several Federal Reserve officials gave hawkish interviews last week, Fed Chairman Jay Powell said on Friday that while the Fed could begin to reduce its monthly bond purchases this year, it will be in no hurry to raise interest rates. Powell’s remarks were not deemed as being overly hawkish on U.S. monetary policy.

The key outside markets today see the U.S. dollar index slightly lower but still trending higher. Nymex crude oil futures prices are lower and trading around $68.25 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.30%.  

U.S. economic data due for release Monday includes pending home sales and the Texas manufacturing outlook survey.

Live 24 hours gold chart [Kitco Inc.]

Technically, October gold futures bulls have the overall near-term technical advantage. Prices are in a three-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the July high of $1,836.20. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,775.00. First resistance is seen at the overnight high of $1,823.60 and then at $1,836.20. First support is seen at $1,810.00 and then at $1,800.00. Wyckoff's Market Rating: 6.0

Live 24 hours silver chart [ Kitco Inc. ]

The silver bears have the overall near-term technical advantage but are making some headway. A three-month-old downtrend on the daily bar chart has been at least temporarily negated. Silver bulls' next upside price objective is closing September futures prices above solid technical resistance at $25.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at $24.515 and then at $24.75. Next support is seen at the overnight low of $23.96 and then at $23.75. Wyckoff's Market Rating: 4.0.

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.