Strong R will be at 1966 to be breaks with a high volume to help it jump to higher price level at 2031. In continuing the climb aggressively, there are few of strong R on the 19th Aug 2020 bearish candle at 1924 & 2005
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Technically, the December gold futures bulls have the overall near-term technical advantage. Trend-line resistance was breached on the upside today and that trendline is close to being negated. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at this week’s high of $1,927.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the September low of $1,851.00. First resistance is seen at $1,927.00 and then at $1,950.00. First support is seen at $1,900.00 and then at today’s low of $1,898.00. Gold and silver prices were also lifted on the reopening of China’s markets following a long holiday and the upbeat Chinese economic data that will likely prompt better consumer demand for the precious metals.
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Did you Know??
Gold and silver futures prices are solidly higher in early U.S. trading Friday, supported by renewed hopes for a U.S. Covid-19 stimulus package, ideas of better demand for precious metals from China, and by a drop in the U.S. dollar index today. December gold futures were last up $26.50 at $1,921.60
U.S. congressional discussions on a stimulus package for American citizens and businesses are reportedly seeing late-week progress as President Trump has apparently agreed to a larger stimulus package that the Democrats have been seeking. There are still likely hoops to jump through for U.S. lawmakers and most market watchers still any Covid-19 relief checks could be in the mail before the early-November election. Gold and silver market bulls reckon a completed U.S. stimulus deal would further stoke inflationary embers that are already smoldering
Till then, Happy Trading & TAYOR
.
.
Technically, the December gold futures bulls have the overall near-term technical advantage. Trend-line resistance was breached on the upside today and that trendline is close to being negated. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at this week’s high of $1,927.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the September low of $1,851.00. First resistance is seen at $1,927.00 and then at $1,950.00. First support is seen at $1,900.00 and then at today’s low of $1,898.00. Gold and silver prices were also lifted on the reopening of China’s markets following a long holiday and the upbeat Chinese economic data that will likely prompt better consumer demand for the precious metals.
.
.
Did you Know??
Gold and silver futures prices are solidly higher in early U.S. trading Friday, supported by renewed hopes for a U.S. Covid-19 stimulus package, ideas of better demand for precious metals from China, and by a drop in the U.S. dollar index today. December gold futures were last up $26.50 at $1,921.60
U.S. congressional discussions on a stimulus package for American citizens and businesses are reportedly seeing late-week progress as President Trump has apparently agreed to a larger stimulus package that the Democrats have been seeking. There are still likely hoops to jump through for U.S. lawmakers and most market watchers still any Covid-19 relief checks could be in the mail before the early-November election. Gold and silver market bulls reckon a completed U.S. stimulus deal would further stoke inflationary embers that are already smoldering
Till then, Happy Trading & TAYOR
