(Kitco News) – Gold prices are modestly down in early US trade Tuesday. The yellow metal sees a normal disadvantage correction in the middle of a solid price trend in place in the daily bar chart. Gold futures last December were down $ 3.00 per gram at 1,528.70. December Comex silver prices were last down $ 0.091
The Asian and European stock markets were largely up during the night. US stock indices are pointed toward modestly higher openings as the day in New York begins. Trader and investor attitudes are a bit more positive today, but still not close to being at full speed ahead risk.
There has been a thinking change in the market regarding last week's meeting between the US and Chinese trade officials in Washington, DC Traders originally considered the early departure home to China's trade delegation as a sign that the talks were not going well. The Chinese were scheduled to visit American farms, but the visits were abruptly canceled. However, the language from both sides has been very positive since last Friday, and trade negotiations will continue. The marketplace now reads this situation as a positive for a possible US-China trade agreement.
The spectrum of a very anemic EU collective economy continues to cloud the European market. Dour production data coming out of Germany on Monday suggests that the largest eurozone economy is heading for recession.
China's central bank governor said on Tuesday that the People's Bank of China will not follow the monetary policy easing for central banks in the West, and that China's current interest rates are appropriate.
Nymex crude oil prices are lower and are trading around $ 58.00 a barrel. The second key outside the market today is looking up the US dollar index trade.
U.S. economic data to be released Tuesday include the weekly sales reports of Goldman Sachs and Johnson Redbook, the monthly house price index, the S&P Case-Shiller house price index, the Richmond Fed business survey and the consumer confidence index.
Technically, gold ox has the solid technical advantage in the near term as a four month old trend on the daily bar chart remains in place. The Bulls' next upside target is to produce an end to October futures over solid resistance at the September high of $ 1,566.20. The Bears' next long-term downward price trend is to push forward prices in December under solid technical support at the lowest September low of $ 1,490.70. First resistance is seen at Monday's high of $ 1,534.40 and then $ 1,540.00. First aid can be seen at Monday's low $ 1,517.90 and then at $ 1,510.00. Wyckoff's market valuation: 7.5
December silver futures bulls have the solid general technical long-term advantage. A four-month-old trend is in place in the daily bar chart. Silver Bull's next upside price target is to close prices above solid technical resistance at $ 19.00 an ounce. The next price trend for the Bears is to close prices under solid support at the September low of $ 17.47. First resistance is seen at the highest night of $ 18.81 and then at $ 19.00. Next support is seen at the low night of $ 18,515 and then at $ 18.25. Wyckoff Market Review: 7.0.
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