Editor's Note: The article was updated to reflect higher gold prices.
(Kitco News) – Gold prices are modestly higher in early US trade on Thursday, but silver continues to flow ahead with sharp gains to hit another more than two years high overnight. The need for safe harbor and technical procurement continues to be discussed in both metals. Gold futures in December were last up $ 4.60 per ounce at 1553.70. December Comex silver prices were last up $ 0.279 at $ 18.74 per ounce.
A slightly weaker US report on gross domestic product also landed in the camp of the precious metal market. The second projection of GDP for the second quarter increased by 2.0% from the previous year against 2.1
The Asian and European stock markets were mixed to higher overnight. US stock indices point to solid higher openings as the day in New York begins.
Risk willingness suddenly rose overnight when news reports hit the wires that Chinese government officials (from the Department of Commerce) have indicated that they will not retaliate for the latest round of US tariffs imposed on imports from China, saying that the two countries remain in communication about the trade dispute case. This news from China may or may not confirm President Trump's statement earlier this week that a high-level Chinese trade official contacted the United States to restart trade negotiations.
There are still enough concerns on the geopolitical front to keep the safe harbor metals supported. Civil unrest in Hong Kong, the Brexit case that will heat up this fall and slow global economic growth, is still a pressing issue for traders and investors.
The key "outside markets" today is looking at Nymex crude oil prices and trading around $ 56.00 a barrel. The US dollar index is a little firmer.
U.S. economic data to be released Thursday include the weekly report on unemployment claims, the second estimate of the gross domestic product in the second quarter and pending home sales.
Technically, gold ox has the solid overall technical long-term advantage. A three-month-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 $ 1,600.00. Bears & # 39; s next long-term downward price trend is to push futures prices in December under solid technical support to $ 1,500.00. First resistance is seen at the highest night of $ 1,559.80 and then at the week's high of 1,565.00. First aid can be seen at today's lowest price of $ 1,542.70 and then at this week's lowest value of $ 1,534.80. Wyckoff's Market Review: 8.0.
Futures silver in December has the strong general technical advantage in the near term. Prices are in an accelerating three-month-old trend on 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 the prices under solid support at the week's low price of $ 17.64. First resistance is seen at the highest night of $ 18.75 and then at $ 19.00. Next support is seen on the low night of $ 18.41 and then at $ 18.17. Wyckoff's market valuation: 9.0.
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