Famous Analyst Announces Next Move for Gold Over Critical $ 2,000 Level
Both precious metals continue to receive strong support from safe haven demand, with concerns about Covid -19 infections, geopolitics and problem price inflation. The graphics continue to rise strongly, which causes traders who move with a technical base to take a long position.
The absence of any technical warning about the market’s upper points also indicates that resistance is at higher levels. The final value of October gold futures increased $ 29.10 to $ 2,003.90. September Comex silver prices rose $ 1,333 an ounce to $ 25.74.
What’s In The Markets?
The Australian central bank did not change its monetary policy, but the bank said it would require monetary incentives and low interest rates for some time.The US data point of the week will be a July job report from the Ministry of Labor on Friday. Non-agricultural unemployment is expected to reach 4.8 million people in June and increase by 1.25 million.
Today, major foreign markets see Nymex crude oil prices to be tighter and trade at around $ 41.60 a barrel. The US dollar index is slightly weaker today. The yield on the comparative 10-year US Treasury bill is now around 5.4%.
Technically, in the gold futures of October, the bulls have strong short-term technical advantages, with an upward trend in the near term. Prices are in the two-month accelerated uptrend on the daily bar chart.
The next bullish futures price target of gold bulls is to reach technical resistance of $ 2,100.00. Bears’ next short-term bearish price target is $ 1912.
The initial resistance is seen at $ 2,025.00 and then $ 2,050.00. The first support is seen today’s low of $ 1,971.00 and later this week’s low of $ 1,963.50.
Bulls generally have short-term strong technical advantage in September silver futures prices and they have gained more strength today. Prices are in a 4.5-month uptrend on the daily bar chart.
The next price target of silver bulls is to reach above the highest level in July, above $ 26,275. The next bearish price target for bears is to close the price below the solid support at $ 23.00. The initial resistance is seen at $ 26.00 and then $ 26.275. The next support is seen at $ 25.00 and then today’s low of $ 24.24.