Gold And Silver Prices Gain As Greenback Wilts

New York (Sept 17)  Gold and silver prices are moderately up in early-afternoon U.S. trading Monday. The precious metals are seeing support coming from a solidly lower U.S. dollar index today. Less robust risk appetite to start the trading week also worked in favor of the safe-haven metals today. December gold futures were last up $6.50 an ounce at $1,207.60. December Comex silver was last up $0.108 at $14.25 an ounce.

World stock markets were mostly lower today. Traders and investors are in a risk-off mode to start the week, as reports say the Trump administration is set to soon slap more tariffs on China in the ongoing trade war between the world’s two largest economies. Reports also said China is considering declining the U.S. offer for new trade talks later this month.

The other key outside markets today finds Nymex crude oil prices are slightly down and trading just below $69.00 a barrel. Stiff chart resistance above the market has capped gains, and will likely continue to do so.

Live 24 hours gold chart [Kitco Inc.]

Technically, December gold futures bears still have the overall near-term technical advantage. However, prices have been trading sideways for over two weeks, which suggests a market bottom is in place. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,220.70. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the August low of $1,167.10.

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