Mild price pressure on gold, silver after downbeat China data - Kitco NEWS

Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here!

(Kitco News) - Gold and silver prices are modestly down in early U.S. trading Monday. There are some renewed concerns about demand for metals after China released some more uninspiring economic data. August gold was last down $3.20 at $1,961.20 and September silver was down $0.134 at $25.06.

China, the world's second-largest economy, saw its gross domestic product rise 6.3% in the second quarter, year-on-year, which was below market expectations for a rise of 6.9%. The news put some downside price pressure on the metals and crude oil markets. "The Chinese economy is clearly sputtering," said one analyst in a Wall Street Journal story on the matter.

Asian and European stock markets were mixed to weaker in overnight trading. U.S. stock indexes are pointed toward mixed openings when the New York day session begins.

A couple of interesting headlines in the Wall Street Journal: "Economists dial back (U.S.) recession predictions" and "Traders position for soft landing."

The key outside markets today see the U.S. dollar index slightly lower. Meantime, Nymex crude oil prices are lower trading around $74.50 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 3.779%.  

---

---

U.S. economic data due for release Monday is light and includes the Empire State manufacturing survey. The data pace picks up speed Tuesday.

Technically, the gold futures bulls and bears are on a level overall near-term technical playing field but the bulls have momentum. A nine-week-old price downtrend on the daily bar chart has been negated. Bulls' next upside price objective is to produce a close in August futures above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at last week's high of $1,968.50 and then at $1,975.00. First support is seen at the overnight low of $1,954.30 and then at $1,950.00. Wyckoff's Market Rating: 5.0

The silver bulls have the firm overall near-term technical advantage. A three-week-old uptrend is in place on the daily bar chart. Silver bulls' next upside price objective is closing September futures prices above solid technical resistance at the April high of $26.645. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at last week's high of $25.255 and then at $25.50. Next support is seen at $24.835 and then at last Thursday's low of $24.31. Wyckoff's Market Rating: 6.5.

Adblock test (Why?)

from "price" - Google News https://ift.tt/5Kp71BQ
via IFTTT