Gold Price Firmer In Quiet Trade Amid Dog Days Of Summer
New York (Aug 15) Gold prices ended the U.S. day session near unchanged levels in subdued U.S. trading Monday. There were no major, fresh news developments in the world marketplace and the summertime doldrums have taken over in many markets. December Comex gold was last up $3.20 an ounce at $1,346.40. September Comex silver was last up $0.162 at $19.87 an ounce.
World stock markets were mostly firmer Monday. Many global equities market indexes are at or near record or multi-year highs amid major economies that are awash in central-bank-infused cash. The U.S. stock indexes set new highs Monday. The rally in world stock markets has been a bearish element working against the competing asset class, safe-haven gold.
The key “outside markets” on Monday were in a bullish daily posture for the precious metals markets: The U.S. dollar index was slightly lower. Nymex crude oil prices were higher and hit a four-week high, supported in part on recent reports Saudi Arabia said it is ready to work with other oil-producing nations to stabilize world oil prices. The OPEC cartel is scheduled to meet in late September. Reports also said Russia is interested in talking about stabilizing oil prices.
Technically, December gold futures prices closed nearer the session high. The gold bulls have the overall near-term technical advantage, but trading has been choppy and sideways recently. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the August high of $1,374.20. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the July low of $1,318.50. First resistance is seen at $1,350.00 and then at $1,360.00. First support is seen at $1,350.00 and then at last week’s low of $1,335.30. Wyckoff’s Market Rating: 6.5
September silver futures prices closed near mid-range. The silver market bulls have the overall near-term technical advantage, but trading has been choppy recently. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the July high of $21.225 an ounce.
Source: KitcoNews
