(Kitco News) – Gold and silver prices are sharply lower in US trade on Monday. Gold mined a seven-week low and silver prices reached a five-week low. A strong US dollar index that hit a new high for the year on Monday is credited with putting much of the downside pressure on precious metals today. Better risk appetite on the market early this week is also bearish for the safe methods. Gold futures in December were last down $ 28.60 per ounce at 1
There was less risk aversion in the marketplace on Monday, after markets were broken last Friday by reports the United States considered restricting US investors in China, including the US stock exchanges that listed Chinese companies. Weekend reports, including a statement from the U.S. The Treasury Department said the Trump administration is not considering such moves.
Asian stock markets gained some sales pressure after the 17th weekend of a series of demonstrations in Hong Kong. This past weekend is called the worst, with many arrests after protesters bombed police with everything from brick to fire.
China's economy got some positive news on Monday, as the official index for industrial procurement managers rose to 49.8 in September from 49.5 in August. It was the fifth consecutive month with a reading below 50.0, which suggests contraction in the sector. The September PMI report was slightly above market expectations.
Nymex crude oil prices are lower and are trading around $ 55.25 a barrel.
Technically, gold ox has the general technical advantage in the near term, but fades quickly. A four-month-old trend on the daily bar chart has been negated. A downstream line is now in place in the daily bar chart. The Bulls' next upside target is to produce a close in October futures over solid resistance of $ 1,525.00. Bears & # 39; s next closest long-term downside award is to push December's forward prices under solid tech support to $ 1,450.00. First resistance is seen at $ 1,490.00 and then at $ 1500.00. First aid can be seen at today's lowest level of $ 1,472.20 and then at $ 1,467.00. Wyckoff's market valuation: 5.5
December silver futures bulls have lost the overall technical advantage over the short term. A four-month-old trend on the daily bar chart has been negated, and a four-week-old downtrend is now in place. The Silver Bulls' next upside price distribution goal is to close prices above solid technical resistance at $ 18.0 per ounce. The next price trend for the Bears is to close the prices under solid support of $ 17.00. First resistance is seen at $ 17.50 and then at today's high of $ 17.66. Next support is seen at today's lowest price of $ 17.02 and then at $ 16.80. Wyckoff Market Review: 5.0.
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