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Price pressure on gold, silver amid fall in external markets

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(Kitco News) – Gold and silver prices were lower in early US trading on Tuesday. Amid the lack of major, fresh fundamental news in the market today, traders focused on key outside markets in an overall bearish posture for metals: a higher US dollar index and lower-trending crude oil prices. US stock indices, which hit multi-month highs on Monday, are also drawing trader/investor interest in the long side of the precious metals markets. October gold futures were down $7.20 at $1,780.60. September Comex silver futures were last down $0.202 at $20.07 an ounce.

Global stock markets were firmly mixed overnight. US stock indices are pointing towards slightly weaker starts as the New York day session begins. Corporate earnings reports are in focus this week. Risk appetite in the market was less than robust this week after some downbeat economy from China prompted China’s central bank to ease its monetary policy. Also, Monday’s weak US Empire State manufacturing report added to worries about an impending US recession.

Major outside markets today saw Nimex crude oil prices higher and trading around $90.25 a barrel. Iran is taking steps on its nuclear program to ease international sanctions on Iranian oil, according to reports. The US dollar index was higher in early US trade. The yield on the 10-year US Treasury note is fetching 2.802%.

US economic data to be released on Tuesday includes weekly Johnson Redbook and chain store sales indexes, new housing construction and industrial production and capacity utilization.

Live 24 hour gold chart [Kitco Inc.]

Technically, October gold futures bears have an overall near-term technical advantage. The price trend on the daily bar chart has been rejected. The next upside price objective for the bulls is to produce above solid resistance at the August high of $1,814.40. The bears’ next near-term downside price objective sees futures prices below solid technical support at $1,725.00. The first resistance is seen at the overnight high of $1,787.60 and then at $1,800.00. First support is found at $1,775.00 and then at the August low of $1,759.70. Wyckoff’s Market Rating: 3.5.

Live 24 hour silver chart [ Kitco Inc. ]

September silver futures bears have an overall near-term technical advantage. The next upside price objective for silver bulls is closing prices above solid technical resistance at $21.00. The next downside price objective for bears is closing prices below solid support at $19.00. The first resistance is seen at the overnight high of $20.25 and then at $20.50. The next support is found at $19.745 and then $19.47. Wyckoff’s Market Rating: 3.5.


Disclaimer: The views expressed in this article are those of the author and may not reflect those Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; However, Kitco Metals Inc. Nor does the author guarantee such accuracy. This article is strictly for informational purposes only. This is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. And the author of this article accepts no liability for losses and/or damages caused by the use of this publication.

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