Gold, silver traders step in to buy the dips amidst price trends

Editor’s note: Stay up to date with daily news with so much market volatility! Stay tuned for a few minutes with our quick summary of today’s must-read news and expert advice. Sign up here!

(Kitco News) – Gold futures prices are moderately higher in midday US trade Thursday, while silver is solidly higher. Traders have re-entered to buy the dip in this week’s price action and keep the trends for the foreseeable future alive. That’s what happens regularly in extended bull runes in markets. October gold futures were last up around $ 6.80 an ounce at $ 1,947.30. September Comex silver prices were last up $ 0.831 at $ 26.82 an ounce.

Global stock markets were mixed in overnight trading and the US stock indices are also mixed in the afternoon in New York. Traders and investors are just a little riskier this week.

Focus Thursday morning was on the weekly U.S. report on unemployment claims, which came in slightly better than expected at just under $ 1 million in new claims. Forecasts raised new claims to 1.1 million last week. Traders and investors examined the jobs data to try to measure the pace of the U.S. economic recovery. Today’s report accused those who feared the economy was slipping significantly from its recent recovery.

A little downbeat for the market today are reports that the U.S. Democrats and Republicans in Congress are still far apart about any new incentive package for Americans. And Boston Federal Reserve President Eric Rosengren warned Thursday that Americans who do not follow guidelines issued by health officials will prolong the U.S. economic downturn.

The major foreign markets today see Nymex edge oil prices down slightly and trade around $ 42.35 per barrel. The US dollar index is lower. The yield on the US Treasury 10-year benchmark benchmark is currently 0.66%.

Technically, gold futures bulls in October have the overall technical advantage at close range and have stabilized the market, but have to defend what is now the latest “reaction low” in the still existing price trend on the daily chart – this week’s low $ 1,865.00. A drop below that level would ignore the uptrend of the short term to suggest that a market is in place in the near term. 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 futures prices under solid technical support at $ 1,865.00. First resistance is seen at $ 1,975.00 and then at $ 2,000.00. Initial support is seen at today’s low of $ 1,914.90 and then at $ 1,900.00. Wyckoff’s Market Value: 7.0

September silver futures bulls have the solid overall technical advantage over the long term and have stabilized the market rapidly, but need to defend what the latest ‘reaction low’ is in the still existing price trend on the daily chart – this week’s low of $ 23.58. A drop below that level would ignore the uptrend of price to suggest that a near-term market top is in place. The next goal of the silver bull is to close prices above solid technical resistance at $ 28.00 an ounce. The next objective of the bear price disadvantage is to close prices under fixed support at $ 23.58. First resistance is seen at $ 27.00 and then at $ 27.25. Next support is seen at $ 26.50 and then at $ 26.00. Wyckoff’s Market Value: 7.5.

September NY copper closed today at 870 points at 280.30 cents. Prices close closer to the session today. The copper bulbs have the overall technical advantage over the whole term. However, prices went down four weeks. The next target of copper bulls is to push and close prices above solid technical resistance at the July high of 299.30 cents. The next target of the bear price disadvantage is to close prices under solid technical support at 270.00 cents. First resistance is seen at 285.00 cents and then at this week’s high of 290.25 cents. Initial support is seen at the August low of 278.20 cents and then at 275.00 cents. Wyckoff’s Market Value: 6.0.