(Kitco News) – Gold prices are higher in early US trade on Monday and not far below the last six-year high that was scored last week. Demand for the safe haven for the yellow metal is slated to start the trading week, as protests in Hong Kong have escalated. Gold futures in December were last up $ 9.10 per ounce at 1
It is once again being protested by Hong Kong residents, who have closed down the city's main airport. This situation seems to get worse every weekend.
Market watchers wonder how long mainland China will allow civil unrest to continue before a break-in.
The Asian and European stock markets were largely lower overnight. US stock indices are also pointed to lower openings as the day in New York begins. U.S. Treasury prices are also up on Monday, in demand for safe haven.
China's central bank on Monday set its currency, the yuan, the US dollar exchange rate to 7.0211, which is above the 7 level the US has considered problematic. This exchange rate will still be closely monitored. Most of the world markets see trade negotiations in the US and China deteriorating in August.
The "outside markets" key today is seeing prices of Nymex crude down and trading around $ 53.75 a barrel. The US dollar index is trading up a bit in the early US action.
U.S. Economic data to be released on Monday are easy and include the Treasury's monthly budget statement and the USDA's monthly supply and demand report.
Technically, gold ox has the solid technical advantage in the near term. A 10 week old trend is in place in the daily bar chart. The Bulls' next upside target is to produce an end to October futures over solid resistance of $ 1,550.00. Bears & # 39; s next long-term downward price trend is to push future prices for December under solid tech support to $ 1,467.00. First resistance is seen at last week's high of $ 1,522.70 and then at $ 1,525.00. First aid can be viewed at $ 1,510.00 and then $ 1,500.00. Wyckoff's Market Estimate: 8.5
September silver futures bulls have the solid general technical advantage in the near term. The Silver Bulls' next upside award is to close prices above solid technical resistance at $ 17.50 per ounce. The next target for the Bear trend is to close prices under solid support at last week's lowest $ 15,935. First resistance is seen at Friday's high of $ 17.14 and then at last week's high of $ 17.26. Next support is seen on the low night of $ 16.80 and then at $ 16.685. Wyckoff's Market Review: 8.0.
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