Gold price up as bulls remain very strong

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(Kitco News) – Gold and silver prices are higher in early U.S. trading Monday. Both metals hit new pre-movement heights last Friday. Gold hit a record high of $ 2,078.00, base Comex futures from October, while silver hit a seven-year high of $ 29,915, base Comex futures from September. Some mild profit taking from futures traders has pulled prices off their heights, but such produce normal and healthy downside corrections in existing and still strong price rises. October gold futures were last up $ 15.40 an hour at $ 2,033.40. September Comex silver prices were last up $ 0.92 at $ 28.47 an ounce.

Global stock markets were mostly up in stock trading. The U.S. stock indexes are expected to open mixed as the New York Day session begins. Global traders and investors were somewhat condemned by the news over the weekend that President Trump has tried to move unilaterally to provide more economic assistance to Americans because Congress has not seen any progress on the matter. Whether Trump succeeds remains to be seen.

While the U.S. has recorded the lowest number of new Covid cases in nearly a week, some states are still seeing a rise in infections. There are also reports that the five major college conferences will cancel all sports for this fall. That could be a psychological blow to many American traders and investors.

U.S.-China tensions remain high as the highest-ranking U.S. official in decades visited Taiwan over the weekend. Chinese military jets stationed in China were reportedly flying over Taiwanese airspace. China China establishes Taiwan as its own province. Meanwhile, reports said two U.S. senators will be sanctioned by China in delay. This comes as top US and Chinese officials are set to meet on August 15.

The major foreign markets today saw Nymex prices for crude oil firms trading around $ 41.75 a barrel. The US dollar index is modest after a corrective bounce after hitting a two-year low last week. The yield on the benchmark 10-year US Treasury note is currently around 0.55%.

U.S. economic data released Monday is light and includes the index of employment trends.

Technically, the golden bulls have the strong overall technical advantage in the long run. Bulls’ next upside price target is producing an end in October futures above solid resistance at $ 2,100.00. Bears’ next near downside price target is pushing futures prices under solid technical support at $ 2,000.00. Initial resistance is seen at $ 2,050.00 and then at last week’s record high of $ 2,078.00. Initial support is seen at night low of $ 2,018.90 and then at $ 2,000.00. Wyckoff’s Market Value: 9.0

September silver futures bulls have the strong overall technical advantage on the very near. The next goal of Silver Bull is to close prices above solid technical resistance at $ 30.00 an ounce. The next goal of the price break for the bears is to close prices below fixed support at $ 25.00. First resistance is seen at the nightly high of $ 28,845 and then at $ 29.00. Next support is seen at night low of $ 27.96 and then at $ 27.50. Wyckoff’s Market Value: 9.0.