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The price of gold is approaching $ 2,100 as the bulls continue to run on gas

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(Kitco News) – Gold prices are again sharply higher and reach a record high of $ 2,064.90, based on Comex’s October futures at the beginning of US trading on Thursday. Silver prices are also sharply higher, reaching more than a seven-year high of $ 28.54, based on Comex’s September futures. October gold futures were last up to $ 25.00 an ounce at $ 2,062.10. Silver prices in September Comex last rose to $ 1.45 from $ 28.34 an ounce.

Importantly, while there is no early evidence for the chart to assume that the gold and silver markets are close to major highs, both are currently short-term, technically, and due to downward adjustments. And remember that with the higher volatility and higher daily price gains that are currently being observed, there will also be greater adjustments to the decline when they come.

Global stock markets were mixed in overnight trading. US stock indexes are heading for slightly higher openings when the session begins in New York. U.S. stock traders continue to keep up with their due idea that the US Congress will soon pass a new stimulus package for Americans coping with the economic hardships of the Covid-1

9 pandemic.

Today, traders carefully examined the weekly report on unemployment claims in the United States, which came in with 1.1 million new claims, which is less than the expected 1.4 million. Today’s report is considered somewhat optimistic given the notion that the US economic recovery is slowing.

Left The Bank of England’s monetary policy remained unchanged at a regular meeting today, with the BOE saying that negative interest rates may not be the right tool to stimulate economic growth in the UK economy.

Political tensions between the United States and China remain close to boiling, as US Secretary of State Pompeo urged Americans not to use technology products owned by China, including Alibaba, Huawei, Tencent and Baidu.

The key point of data for the United States during the week will be the report on jobs on Friday for July from the Ministry of Labor. The number of salaries for non-profit farms is expected to increase by about 1.25 million, after increasing by 4.8 million in June. However, don’t be surprised to see a gap in forecasts to possibly move markets.

Major foreign markets today see lower Nymex crude oil prices and trade around $ 42.00 a barrel. The US dollar index is slightly lower today and reached a two-year low overnight. The yield on the reference 10-year US banknote is currently around 0.526% and is almost record low.

The U.S. economic data, due to be released Thursday, includes a weekly unemployment report, a report on Challenger’s layoffs and monthly retail sales.

Live 24 hour gold card [Kitco Inc.]

Technically, golden bulls have a strong overall short-term technical advantage. The bulls’ next price target is to close futures in October above solid resistance at $ 2,200.00. The next short-term price of bears is pushing futures prices under solid technical support at $ 2,000.00. The first resistance was observed at an overnight high of 2,064.90 dollars, and then at 2100.00 dollars. The first support is observed at the lowest price of 2,077.20 dollars, and then on the lowest Wednesday of 2,025.50 dollars. Wyckoff’s market rating: 10.0

Live 24 hour silver chart [ Kitco Inc. ]

September bulls with futures have a strong overall short-term technical advantage. The next price target for the silver bulls is to close prices above solid technical resistance at $ 30.00 an ounce. The next goal of the bears to reduce prices is to close prices below solid support at $ 25.00. The first resistance was observed at an overnight high of $ 28.54, and then at $ 29.00. The next support is seen at $ 28.00 and then at $ 27.00. Wyckoff’s market rating: 10.0.

Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of 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. There is no request to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article does not accept guilt for losses and / or damages resulting from the use of this publication.

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