قالب وردپرس درنا توس
Home / Business / The prices of gold, silver rally that the ECB lends itself easily

The prices of gold, silver rally that the ECB lends itself easily



Editor's note: Get caught
minutes with our quick summary of today's must-read news and expert
opinions that moved precious metals and financial markets. Register here!

(Kitco News) – Gold and silver prices are up sharply and have a daily rise in US trade on Thursday. The precious metal coals needed a good amount of good news, and they got it today when the European Central Bank was aggressive in facilitating its monetary policy. Gold futures in December were last up $ 21.90 per ounce at 1

,525.10. Comex silver prices last December were up $ 0.38 to $ 18.55 per gram.

The recently concluded monetary policy meeting of the European Central Bank caused the bank to deal significantly with its monetary policy – more than the market expected. The ECB lowered interest rates by 0.1% to minus 0.5%, and also announced a new "quantitative easing" bond purchasing program, the largest in over three years. The Federal Reserve meets next week and is expected to cut US interest rates by 0.25%. President Trump on Wednesday called the Federal Reserve "boneheads" not to lower interest rates faster and longer.

The Asian stock markets were largely up overnight, while the European stock indices were largely weaker. US stock indices point to firmer openings as the day in New York begins. Tradition and the investor's risk appetite are generally elevated late this week.

Trade tensions between the world's two largest economies – the United States and China – have notched this week. The United States has announced a slight delay in the implementation of some tariffs on China which were set to take effect on October 1. This follows the move from China this week to exempt some US products from their own tariffs. Both sides are set to hold talks in October. Reports today said that China appears to be limiting the scope of the negotiations to trade only – without excluding other matters that have remained, such as national security.

The US economic high on Thursday is the August Consumer Price Index, expected to rise 0.1% from July and up 1.8% from a year earlier.

The key "outside markets" today sees prices for Nymex crude oil lower, trading around $ 55.00 a barrel. Thursday sees a meeting in the OPEC oil cartel. The US dollar index is higher in early US trade today, bolstered by the weaker euro currency in the wake of the ECB easing.

Other US economic data to be released Thursday include the weekly report on unemployment claims, real earnings, and the monthly budget statement to the Treasury.

  Live 24 hour gold chart [Kitco Inc.]

Technically, the gold bulls have the fixed technical advantage in the short term and keep alive a three month old trend in the daily bar chart. The Bulls' next upside target is to produce a close in October futures over solid resistance at the September high of $ 1,566.20. The Bears' next long-term downward price trend is to push future prices for December under solid technical support at this week's low value of $ 1,492.10. First resistance is seen at $ 1,535.00 and then $ 1,540.00. First aid can be viewed at $ 1,510.00 and then $ 1,500.00. Wyckoff's market valuation: 7.0

  Live 24 Hour Silver Chart [ Kitco Inc. ]

December silver futures bulls have the fixed general technical advantage. Prices are in a 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 of $ 17.50. First resistance is seen at $ 18.76 and then at $ 19.00. The next support is seen at $ 18.25 and then on the low night of $ 18,085. Wyckoff Market Review: 7.0.

Disclaimer: The views expressed in this article are those of the author and may not reflect the views of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not a challenge to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept damages for losses and / or damages resulting from the use of this publication.


Source link