(Kitco News) – Gold prices are steadily higher, hitting three-week highs in US trade on Tuesday. Strong language from President Trump against China and Iran saw sales in the US stock market, the US dollar index and crude oil. That, in turn, got some interest in buying gold in a safe harbor. Technical traders also took the opportunity to "buy dipped" in gold prices after early pressure. Gold futures last December were up $ 8.70 an ounce at 1
In a speech to the United Nations in New York, the motionless Trump called China to "play" the world trade system. It's hard to imagine that the Chinese leadership is not reinforcing its stance on the United States after today's undoing of the world's most populous nation by Trump, in front of a world body. Trump also warned the United States about how terrible the current Iranian regime is spreading fear and terror in the Middle East and around the world. The US president also said that the days of "globalization" are over and nationalism has gained more benefit worldwide.
Attitudes of traders and investors were a bit more positive today, up to Trump's speech.
Nymex crude oil prices are lower and traded around $ 57.25 a barrel at noon. The second key outside the market today is seeing the US dollar index trade slightly lower.
Technically, futures prices for gold in December were near the session highs at noon and hit a three-week high today. The bulls have the solid technical advantage in the short term in the midst of a four month old trend in place in the daily bar chart. The Gold Bulls next upside near-target award ceremony aims to produce a near above solid technical resistance at the September high of $ 1,566.20. The Bears' next long-term downside award is to push prices under solid technical support to $ 1,510.00. First resistance is seen at $ 1,550.00 and then at $ 1,566.20. First aid can be viewed at $ 1,535.00 and then $ 1,525.00. Wyckoff's Market Review: 8.0
The futures prices for silver in December were near the high session at noon and hit a three-week high today. Silver ox has the solid technical advantage in the near term. A four-month-old trend is in place in the daily bar chart. Silver Bull's next price target for price developments is closing prices above solid technical resistance at $ 19.00 per 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 today's high of $ 18.81 and then at $ 19.00. Next support is seen at today's lowest $ 15,315 and then at $ 18.00. Wyckoff Market Review: 7.0.
N. N. copper dropped 60 points to 260.50 cents today. The prices closed closer to the session today. The copper bears have the general technical advantage in the near term. Copper's next upside target is to push and close prices over solid technical resistance of 275.00 øre. The next target with the Bear downside price is to close the prices under solid technical support at the lowest September of 248.20 cents. First resistance is seen at 264.75 cents and then at 268.00 cents. First aid can be seen at the lowest of the week at 257.25 cents and then at 255.00 cents. Wyckoff Market Review: 3.0.
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