Gold cannot hold early gains as U.S. stocks of the markets

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(Kitco News) – Gold and silver futures markets weakened in midday US trading on Monday. The early gains in the metals today could not keep up with global risk appetite, which is harder to start the trading week. October gold futures were last down $ 8.10 an ounce at $ 1,930.20. September Comex silver prices were last down $ 0.027 at $ 26,705 an ounce.

Global stock markets were higher last night. US stock indices are solidly higher this afternoon, including the S&P 500 and Nasdaq hitting new record highs. Risk appetite is upbeat despite two tropical storms brewing in the Gulf of Mexico and wildfires raging in California and Colorado.

President Trump on Sunday announced an emergency permit for the use of recovered Covid-19 patient blood plasma to fight the virus. Global stock markets may have received a slight boost from this news.

Meanwhile, markets are ignoring a remark Trump made to Fox News over the weekend that the US does not need to do business with China. China and the US seem to be moving along with their “Phase 1” trade agreement reached in January, with China buying American agricultural products at a constant pace. Reports from Asia said that major floods in China in recent weeks have destroyed large parts of arable land that will keep China at a rapid pace of food imports.

Traders and investors are looking forward to two major events this week: the U.S. Republican National Convention in which President Trump will accept his party’s nomination, and the annual Federal Reserve Symposium that was traditionally held in Jackson Hole, Wyoming, but this year will be virtual . Fed Chairman Jerome Powell is scheduled to speak later this week during the event.

The major foreign markets today see Nymex prices for crude oil firms trading around $ 42.65 per barrel. The US dollar index is slightly lower this afternoon and not far above its recent two-year low.

Technically, golden futures bulls in October have the solid overall technical advantage over the entire term. Prices are still in a five-month-old uptrend on the daily bar chart. Bulls’ next upside price target is producing an end in October futures above solid resistance at $ 2,000.00. The next target of the Bears’ downside price is driving futures prices under solid technical support on the August low of $ 1,865.00. Initial resistance is seen at today’s high of $ 1,961.90 and then at $ 1,975.00. Initial support is seen at last week’s low of $ 1,909.60 and then at $ 1,900.00. Wyckoff’s Market Value: 7.0

September silver futures bulls have the solid overall technical advantage over the entire term amid an up-trend of five-month-olds in place on the daily bar chart. A bullish symmetrical triangle pattern is also formed on the daily bar chart. The next target for silver bulls is to close prices above solid technical resistance at the August high of $ 29,915 an ounce. The next objective of the bear price disadvantage is to close prices under fixed support at $ 25.00. First resistance is seen at today’s high of $ 27.34 and then at $ 28.00. Next support is seen at $ 26,095 and then at $ 26.00. Wyckoff’s Market Value: 7.5.

September NY copper closed 45 points today at 292.20 cents. Prices close closer to the session today. The copper bulbs have the solid overall technical advantage in the long run. The next goal of copper bulls is to push and close prices above solid technical resistance at 310.00 cents. The next objective of the bear price disadvantage is to close prices under solid technical support on the August low of 276.90 cents. First resistance is seen at 300.00 cents and then at the August high of 302.95 cents. Initial support is seen at 290.00 cents and then at 285.00 cents. Wyckoff’s Market Value: 8.0.