Gold sold for modestly more in early morning deals on Thursday, given some safe-haven demands and more risk aversion within this week’s marketplace. The boost in gold is limited by an increasing USD index and lowering crude oil prices. Oct. gold futures were higher by $4.30 at $1,786.60 and Sept. Comex silver was last lower by $0.072 at $23.35 per ounce.
Worldwide, markets were for the most part lower over the night. The American stock indexes went into a solidly lower opening when the NY day session began. The U.S. stock index bulls are going away this week and must stop the bleeding soon to miss any close-term technical harm being inflicted.
Risk-off actions and tactics are in play for this week. It seems the summertime highs have abruptly ended earlier end this year. The increasing covid delta strain is keeping investors and traders tentative, especially going into what history proves can be the hard months of Sept. and Oct. for stocks.
The chaos within Afghanistan and the ruined United States pullout are also triggering market anxiety. And Wed.’s FOMC minutes reveal a still concerned Fed that is worried for the effects of covid on the financial markets. They also are continuing to lean toward restricting its monetary measures as early as fall. Investors and Traders are looking to the upcoming annual Fed symposium in Wyoming next week. Along with more clarity on United States monetary policy and any policy changes will be announced at this meeting.
The important outside markets are seeing the USD index higher and reaching a 10.5-month high. Nymex oil futures were lower, hitting a 2.5-month low and are now trading near $63.00 per barrel. Meanwhile, the yield on the U.S. 10-year T-note is at 1.243%.
Technically, Oct. gold futures bulls possess the close-term advantage and have the momentum. Bulls’ next price target is to get a close over the solid resistance at around $1,800.00. Bears’ close-term downside price target is getting futures prices under solid tech. support at $1,700.00.
Author: Blake Ambrose