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Tuesday, August 7, 2018 - 7:46:31 PM
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Mining News Pro - Gold and silver prices are moderately higher in early U.S. trading Tuesday, on corrective rebounds from recent selling pressure that drove both markets to 12-month lows recently. Still, the near-term technical postures for both metals remain fully bearish. December gold futures were last up $5.40 an ounce at $1,223.10. September Comex silver was last up $0.147 at $15.495 an ounce.
Global stock markets were mostly higher overnight. U.S. stock
indexes are pointed toward firmer openings when the New York day
session begins. There continues to be no significant risk aversion in
the world marketplace, and that’s working against the safe-haven gold
and silver markets.
The U.S. today brought back harsh economic sanctions on Iran that
were lifted by the Obama administration as part of an Iran non-nuclear
deal that President Trump cancelled. Trump tweeted today that anyone
doing business with Iran will not be doing business with the U.S.
Likely rising tensions between the U.S. and Iran could be the next
geopolitical flashpoint in the world marketplace, which could boost
safe-haven gold and silver prices. Reports say Iran could produce a
nuclear bomb within a year.
The key “outside markets” today find Nymex crude oil prices higher and trading just below $70.00 a barrel. The U.S. dollar index
is weaker today but still not far below its recent 12-month high. The
Turkish lira fell to a new low against the dollar this week, as an
example of how the secondary world currencies have been punished by a
stronger U.S. dollar.
U.S. economic data due for release Tuesday is light and includes the
weekly Goldman Sachs and Johnson Redbook retail sales reports, the
IBD/TIPP economic optimism index, and consumer credit.
Technically, gold bears have the solid overall near-term technical
advantage amid a price downtrend on the daily bar chart. Gold bulls`
next upside near-term price breakout objective is to produce a close in
December futures above solid resistance at $1,244.70. Bears` next
near-term downside price breakout objective is pushing prices below
solid technical support at $1,200.00. First resistance is seen at
Monday’s high of $1,226.00 and then at $1,230.00. First support is seen
at last week’s low of $1,212.50 and then at $1,200.00. Wyckoff`s
Market Rating: 1.5
September silver futures bears have the solid overall near-term
technical advantage. Silver bulls` next upside price breakout objective
is closing prices above solid technical resistance at $16.00 an ounce.
The next downside price breakout objective for the bears is closing
prices below solid support at $15.00. First resistance is seen at last
week’s high of $15.635 and then at $15.70. Next support is seen at last
week’s low of $15.25 and then at the July low of $15.185. Wyckoff`s
Market Rating: 1.5.
Short Link:
https://www.miningnews.ir/En/News/233080
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