Gold up at midday in choppy, two-sided summertime trading
(Kitco News) - Gold prices are trading mildly up in midday U.S. trading Tuesday. Gold and silver have traded both sides of unchanged today in choppy price action. Both metals have seen their near-term chart postures improved recently and that’s inviting the technical-based speculators to the long side of the futures markets. It’s been and likely will continue to be a quieter trading week on this unofficial last week of summer for Americans, ahead of the three-day Labor Day holiday weekend. October gold futures were last up $2.20 at $1,812.00. September Comex silver was last down $0.12 at $23.84 an ounce.
The U.S. stock indexes are also narrowly mixed at midday. The S&P 500 and Nasdaq index futures poked to record highs again today.
Broker SP Angel today reported in an email dispatch that sales of gold jewelry in China have improved significantly over the past year among younger Chinese consumers--doubling demand in the first half of 2021. China’s overall economic recovery from the pandemic combined with the increasing popularity of e-commerce websites have helped the a boom in gold demand.
The key outside markets today see the U.S. dollar index a bit higher. Nymex crude oil futures prices are lower and trading around $68.85 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching around 1.3%.
Technically, gold bulls have the overall near-term technical advantage. A price uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the August high of $1,833.40. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,750.00. First resistance is seen at today’s high of $1,819.50 and then at this week’s high of $1,823.60. First support is seen at $1,800.00 and then at $1,779.20. Wyckoff's Market Rating: 6.0
The silver bears have the overall near-term technical advantage. However, a three-month-old downtrend on the daily bar chart has been at least temporarily negated and prices are now in a fledgling uptrend. Silver bulls' next upside price objective is closing 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 the August low of $22.295. First resistance is seen at this week’s high of $24.22 and then at $24.515. Next support is seen at $23.50 and then at $23.305. Wyckoff's Market Rating: 4.0.
December N.Y. copper closed down 30 points at 437.15 cents today. Prices closed nearer the session high today. The copper bulls and bears are back on a level overall near-term technical playing field and have momentum. A four-week-old downtrend on the daily bar chart has been negated. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the July high of 458.60 cents. The next downside price objective for the bears is closing prices below solid technical support at the August low of 396.65 cents. First resistance is seen at this week’s high of 441.80 cents and then at 445.00 cents. First support is seen at this week’s low of 433.05 cents and then at 430.00 cents. Wyckoff's Market Rating: 5.0.