Gold Price Ends Near Steady In Quiet Trading; Fresh Fundamental Inputs Awaited
New York (July 18) Gold prices ended the U.S. day session near unchanged in subdued trading Monday, amid a lack of major, markets-moving news. Some slight selling pressure in overnight gave way to short covering in the futures market and bargain hunting in the cash market when the U.S. day session began. However, gains in safe-haven gold were limited as rallying world stock markets suggest traders and investors do not have a lot of worry on their marketplace radar screens. August Comex gold was last up $1.80 an ounce at $1,329.20. September Comex silver was last down $0.085 at $20.08 an ounce.
World stock markets were mostly higher Monday. U.S. stock indexes were firmer in New York afternoon trading, with the S&P 500 index hovering near a record high.
A coup attempt in Turkey late Friday that was quickly quashed, but not without violence, has not had a serious impact on the world marketplace. Traders and investors reckon the matter was an isolated incident.
Much of the focus and news headlines this week are likely to come from the U.S. Republican National Convention held in Cleveland, Ohio.
The “dog days” of summer are soon approaching, which is likely to see trading interest in many markets taper off until after the U.S. Labor Day holiday in early September.
The key “outside markets” on Monday saw the U.S. dollar index slightly lower and crude oil prices also weaker.
U.S. economic data due released Monday was light and included the NAHB housing market index and Treasury international capital data..]
Technically, August gold futures prices closed near mid-range today. The gold bulls still have the firm overall near-term technical advantage but have faded recently. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the July high of $1,377.50. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at today’s high of $1,336.00 and then at $1,340.00.
September silver futures prices closed nearer the session high. The silver market bulls still have the firm overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the July high of $21.22 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $19.00.
Source: KitcoNews
