Gold, silver markets are seeing price gains to kick off the trading week

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(Kitco News) – Gold and silver futures markets are booming in early American trade. The gains in the metals today are impressive given the global risk appetite that is ours to start the trading week. October gold futures were last up around $ 11.30 an hour at $ 1,949.60. September Comex silver prices were last up $ 0.228 at $ 26,945 an ounce.

Global stock markets were higher last night. The U.S. stock indexes are pointing to solid higher openings as the New York Day session begins, including the S&P 500 and Nasdaq at record highs. Risk appetite is optimistic to start the trading week, 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.

Gold prices are higher Monday morning, on some observed bargain hunts as prices rebound from the record high scored in early August and trade below $ 2,000. A weaker US dollar index on Monday helped the bulls of precious metals.

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 lower and not far above its recent two-year low.

U.S. economic data released Monday is light and includes the Chicago Fed’s national activity index.

Technically, the golden bulls have the solid overall technical advantage over the entire term, amid recent normal corrections for adverse prices in a market that is still well Bullish. Prices are still in a trend on the daily bar chart. Bulls’ next upside price target is producing an end in October futures above solid resistance at $ 2,000.00. Bears’ next near-downside price target for close is pushing future prices under solid technical support at $ 1,900.00. First resistance is seen at $ 1,955.70 and then at $ 1,975.00. Initial support is seen at night low of $ 1,929.40 and then at last week’s low of $ 1,909.60. Wyckoff’s Market Value: 7.0

September silver futures bulls have the solid overall technical advantage in the long run. A bullish symmetrical triangle pattern is formed on the daily bar chart. Prices are still in a general price trend 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 target of the bear price advantage is to close prices under fixed support on the August low of $ 23.58. First resistance is seen at $ 27.50 and then at $ 28.00. Next support is seen at last week’s low of $ 26,095 and then at $ 26,000. Wyckoff’s Market Value: 7.5.