Price gain for Gold, Silver as Greenback Backing

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(Kitko News) – Gold and silver prices are higher in early Tuesday trading. Earlier this week, the precious metals markets are being supported by a pullback following recent gains in the US dollar index. There may be a demand for some safe bases to return to the metals markets. December gold futures rose $ 9.70 to $ 1,891.90 and December Comex silver rose $ 0.471 to $ 24.07 an ounce.

Global stock markets were mixed overnight. The US stock indexes are set to slightly ease the New York day session. Risk appetite is slightly higher at the beginning of this week. However, the first US presidential debate between Donald Trump and Joe Biden took place in Cleveland, Ohio on Tuesday night. While most agree that the debate will change the minds of very few voters, the market level remains slightly volatile ahead of the debate, which is likely to produce some fireworks.

Today, key markets outside the market see the US Dollar index again at a corrective pullback after reaching a two-month high last weekend. Nymex crude oil prices are weak and are trading around $ 40.40. Meanwhile, the yield on the US Treasury 10-year note is trading around 0.65% today.

The highlight of the week’s US economic data point will be the Friday morning monthly unemployed report for September from the Department of Labor. The number of non-agricultural payrolls is estimated to be 875,000 and the unemployment rate to be 8.2%.

US economic data, due to be released on Tuesday, include the weekly Goldman Sachs and Johnson Redbook report, the weekly chain store sales index, the S&P-core logic home index, and the consumer confidence index. Many Federal Reserve officials also speak today.

Live 24 Hour Gold Chart [Kitco Inc.]

Technically, the December gold futures bull has an overall technical advantage, but prices are still trending down on the daily bar chart. Bulls next upside price objective is to produce December futures above solid resistance at $ 1,925.00. Beers’ next near-term downside price objective at $ 1,800.00 is pushing down futures prices with solid technical support. First resistance is seen at $ 1,900.00 and then $ 1,910.00. First support overnight is seen at $ 1,880.80 and then in September at a low of $ 1,851.00. Weakoff’s market rating: 6.0.

Live 24 Hour Silver Chart [ Kitco Inc. ]

The December silver futures bull has gained almost technical gains overall. However, prices are still running low on the daily chart. The silver bull’s next upside price objective is closing prices above solid technical resistance at $ 25.00 an ounce. The next negative price objective for bears is below the solid support price at a September low of $ 21.81. First resistance is seen at $ 24.62 and then $ 25.00. The next support is seen at a nighttime low of $ 23.51 and then at $ 23.00. Weakoff’s market rating: 6.0.

Disclaimer: The views expressed in this article are those of the author and may not reflect any of them. Kitco Metals Inc The author has made every effort to ensure the accuracy of the information provided; However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not an insistence on any exchange in goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article plead not guilty to damages and / or damages resulting from the use of this publication.

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