(KITCO News) – Gold and silver prices rose solidly in early US trading on Tuesday, rising to a share of the US Dollar Index that reached an overnight two-year low. Both metals see their chart currencies as fully bullish, which continue to invite tech buyers. October gold futures closed at $ 1,988.00, up $ 17.10. December gold futures rose $ 0.586 to $ 29.18 an ounce.
Global stock markets were mostly overnight. The US stock index also mostly points towards higher openings when the New York Stock Session begins. Nasdaq set another record overnight, with S&P again hitting record highs on Monday. Stock splits and the Dow Index Reliment Monday helped boost the index earlier this week.
In focus today are building surveys for major economies for August. The euro zone August Manufacturing Purchasing Managers’ Index (PMI) came in at 51.7, in line with expectations but slightly below the July reading of 51.8. Readings above 50.0 indicate growth in the sector. Meanwhile, China’s Caixin manufacturing PMI for August was 53.1 versus July’s 52.8 and forecast 52.5. China’s August PMI is reportedly the best in 10 years. US PMI numbers are later this morning, with August PMI forecast at 53.5.
The Chinese yuan has appreciated at its highest level against the US dollar for more than a year, currently trading at around 6.85 on the greenback, the reason being that the Chinese economy is back at full speed against the US is close. Kovid-19 Lockdown. Higher interest rates in China are also attracting more global investor interest in China’s assets.
In today’s significant outside market, Nymex trades at high crude oil prices and around $ 43.00 per barrel. The US Dollar Index lows hit a two-year low overnight. The yield on the US Treasury 10-year note is trading around 0.725% today.
US economic data, due to be released on Tuesday, include the weekly Goldman Sachs and Johnson Redbook retail sales report, US manufacturing PMI, ISM report on business, manufacturing expenditures, global manufacturing PMI and domestic auto industry sales.
Technically, gold bulls still have a near-term technical advantage, amid recent choppy trading. Prices are still in an uptrend on the daily bar chart. The Bulls’ next upside price objective is to produce a close in October futures above solid resistance at $ 2,000.00. Beers’ next near-term downside price objective at $ 1,900.00 is pushing down futures prices with solid technical support. The first resistance is seen overnight at $ 1,992.50 and then $ 2,000.00. The first support is seen at an overnight low of $ 1,963.80 and then on Monday at a low of $ 1,955.00. Weakoff’s market rating: 7.5
The December silver futures bull has the best overall technical gains. A sharply symmetrical triangle pattern is formed on the daily bar chart. Prices are still in an overall price increase on the daily bar chart. Silver Bales’ next upside price objective is above solid technical resistance at an August high of $ 30.19 an ounce. The next downside objective for bears is below the solid support price at a low of $ 23.80. The resistance is first seen at a high of $ 29.235 and then at $ 29.50. The next support is seen at a night low of $ 28.34 and again at $ 28.00. Weakoff’s market rating: 8.0.
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