Famous Analyst Marks These Levels In The Price Of Gold - News-Credit-Mortgage-Coin

Breaking

Car donation, Insurance, Credit, Money, news

Coin Market

Wednesday, September 30, 2020

Famous Analyst Marks These Levels In The Price Of Gold


 


Gold prices are trading moderately low in US trading at noon on Wednesday. Prices traded unchanged on both sides today. Silver prices dropped sharply in the middle of the day. December gold futures fell by $ 2.0 to $ 1,900.40, and December Comex Silver futures fell $ 0.58 to $ 23.86 / ounce. Famous analyst Jim Wyckoff commented on the developments that will affect the gold price.


What Awaits Gold Price?

The gold market seems hesitant about reports that the US Congress may be approaching a second stimulus package deal for Americans. The stock market has risen on these reports, and this development presents a negative situation for these safe harbor assets. However, the real development that will benefit the price of Gold will be the new money pumped into an inflated US monetary system. These steps can cause serious economic problems in the process, including worrying inflation.

Global stock markets mostly weakened overnight. The first US presidential debate between President Donald Trump and Joe Biden on Tuesday night in Cleveland, Ohio, sparked unprecedented outrage, but probably did not move the needle much about changing voters' minds. Still, President Trump's stress that he does not trust the postal voting process and does not want his supporters to remain calm if he loses the election injected more uncertainty into the market.

Today's ADP national jobs report for September showed an increase of 749,000 jobs, exceeding expectations of 600,000. Other US economic data on housing were good today, pointing to a somewhat negative situation for safe harbor metals.

Increasing Covid-19 infections in major countries in the Northern Hemisphere moving towards cooler weather and more domestic activity have raised more concerns that a second wave of the virus will shut down businesses and damage economies.


Today, important foreign markets see the US dollar index almost constant. Nymex crude oil prices are higher and are trading around $ 40.00 per barrel. Meanwhile, the yield on the US Treasury's 10-year bond is trading around 0.68% today.



Today, the last trading day of the month and quarter is a more important day in terms of the technical chart.

Technically, the December gold futures bulls generally have a short-term technical advantage. However, a six-week downtrend is still in place on the daily bar chart. The next bullish price target for the bulls is to close above the solid resistance of $ 1,950.00 in October futures.


The bears' next short-term downward price target is to push below solid technical support at $ 1,851.00, September's low. Initial resistance is seen at $ 1,910.00 and then at $ 1,920.00. Initial support was seen at $ 1,885.80 an nightly low followed by $ 1,874.00. Wyckoff's Market Point: 6.0

Silver Price

The December silver futures bulls have a short-term technical advantage overall. However, prices are still trending down on the daily bar chart. The next upside price target of the silver bulls is to close prices at $ 25.00 / ounce above solid technical resistance.


The next bearish price target for the bears is to close prices below the solid support at $ 21.81, the September low. Initial resistance was seen at this week's high of $ 24,545 and then at $ 25.00. The next support was seen at $ 23.51, Tuesday's low, followed by $ 23.00. Wyckoff's Market Evaluation: 5.5.



No comments:

Post a Comment