(Kitco News) - Gold prices are solidly higher and hit a seven-week high in midday U.S. trading Monday. Silver prices are near steady. Overall bullish technical charts that have become even friendlier lately are prompting more speculators to the long side of the yellow metal. Silver is also bullish but that market took a pause today. August gold was last up $16.70 at $2,437.50. September silver was down $0.017 at $31.145.
Traders and investors were awaiting a midday speech Monday by Federal Reserve Chairman Jerome Powell to the Washington, D.C. Economics Club, which just got under way as of this writing.
The marketplace appears to have quickly digested Saturday’s failed assassination attempt on former U.S. President Donald Trump. It’s likely the marketplace breathed a sigh of relief after the former president escaped serious injury. It also appears the Saturday incident may, at least temporarily, cool down the recently higher tensions between political opponents across the country. That notion may be giving the marketplace at least a bit of solace early this week and may be partly responsible for the rallies in the U.S. stock indexes today.
The key outside markets today see the U.S. dollar index firmer. Nymex crude oil prices are slightly lower and trading around $82.00 a barrel. The benchmark 10-year U.S. Treasury note yield is presently 4.216%.
Technically, August gold bulls have the solid overall near-term technical advantage. A fledgling 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 May contract high of $2,477.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the June low of $2,304.20. First resistance is seen at today’s high of $2,442.40 and then at $2,450.00. First support is seen at today’s low of $2,406.10 and then at $2,400.00. Wyckoff's Market Rating: 8.0.
September silver futures bulls have the firm overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the May high of $33.05. The next downside price objective for the bears is closing prices below solid support at the June low of $28.90. First resistance is seen at today’s high of $31.32 and then at $31.50. Next support is seen at last Friday’s low of $30.62 and then at $30.45. Wyckoff's Market Rating: 7.0.
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