Gold, silver rally despite bearish outside mkts, solid U.S. data
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Gold and silver prices are up in midday U.S. trading Thursday, ignoring bearish outside markets and strong U.S. data. December gold is up $16.60 at $2,496.30. September silver is up $1.186 at $28.525. The U.S. retail sales report for July came in at up 1.0% from June, much stronger than the expected 0.3% rise. Gold and silver markets saw safe-haven demand due to U.S. government warnings of a potential military attack on Israel by Iran or its proxies. Nymex crude oil prices are firmer, trading around $78.50 a barrel. The benchmark 10-year U.S. Treasury note is fetching around 3.85%. December gold bulls have the solid overall near-term technical advantage. December gold's next upside price objective is a close above solid resistance at the contract high of $2,537.70. September silver futures bears have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the August high of $29.355. The next downside price objective for the bears is closing prices below solid support at $26.00. Gold and silver rally amid bullish outside markets.



https://www.kitco.com/news/article/2024-08-15/gold-silver-rally-despite-bearish-outside-mkts-solid-us-data