Gold firmer as price charts remain overall bullish
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Gold prices are trading moderately higher in midday U.S. trading Tuesday, as the overall technical posture for the yellow metal remains bullish. Silver prices are slightly down and hit a five-week low overnight. August gold was last up $9.80 at $2,405.00. September silver was down $0.066 at $29.255. The marketplace fallout from the semi-surprising weekend announcement from President Biden that he is pulling out of the U.S. presidential race, with the presumptive new Democratic candidate now being Kamala Harris, has not been severe. Traders and investors are looking ahead to late-week important U.S. economic data that includes the GDP report on Thursday and the personal income and outlays report, including its inflation indicators, on Friday morning. The key outside markets today see the U.S. dollar index firmer. Nymex crude oil prices are down, hit a six-week low and trading around $76.75 a barrel. The benchmark 10-year U.S. Treasury note yield is presently 4.23%. Technically, August gold bulls still have the firm overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at the record high of $2,488.40. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,300.00. First resistance is seen at this week’s high of $2,414.40 and then at $2,425.00. First support is seen at $2,400.00 and then at this week’s low of $2,385.20. Wyckoff's Market Rating: 7.0. September silver futures bulls have the slight overall near-term technical advantage but have faded badly recently. Silver bulls' next upside price objective is closing prices above solid technical resistance at $31.00. The next downside price objective for the bears is closing prices below solid support at $28.00. First resistance is seen at this week’s high of $29.615 and then at $30.00. Next support is seen at the overnight low of $28.825 and then at $28.50.



https://www.kitco.com/news/article/2024-07-23/gold-firmer-price-charts-remain-overall-bullish