(Kitco News) – Gold prices posted slight gains, reaching a 6.5-year high in overnight trading, while the silver market posted solid gains, reaching a two-year high. Earlier this week, geopolitics is at the forefront of the market, helping raise safe haven metals. Their technical attitudes are also fully optimistic, which continues to invite chart-based shoppers. The December Gold Futures recently rose $ 0.90 an ounce at $ 1,538.50. The silver price of Comex in December rose last by $ 0.231 at $ 17.785 per ounce.
The unexpected twists in the US-China trade war continued today, as President Trump said earlier this morning that Chinese trade officials called US Commerce officials to resume discussions. Trump said China "wants to make a deal" and "that's a great thing". Chinese officials were bleak as to whether they were actually making a phone call when they were questioned about this matter. Nevertheless, the gold market fell sharply from its high of $ 1
Tensions in Hong Kong are still high in the face of civil unrest. Demonstrators and police clashes reportedly escalated over the weekend, including protesters throwing stones and policemen at water cannons.
The G7 weekend summit in Paris did not produce anything that the market considered price critical. Trump had a chance to meet with the Iranian foreign minister, who had turned up unexpectedly but refused.
In other news, the closely watched German Ifo index for business fell to 94.3 in August from 95.1. This report is in line with reports from the world's major economies, which have generally slowed global economic growth.
The main "foreign markets" today see a weaker Nymex crude oil price and trade of around $ 53.75 a barrel. The US dollar index is significantly higher today.
From a technical point of view, the gold futures contract prices in December closed closer to the session low. Overall, the bulls have the solid technical advantage in the short term. An almost three-month uptrend is available on the daily bar chart. There are no significant, early indications of a near market high. The gold bull's next near-term upside target is to achieve a break above the solid technical resistance of $ 1,600.00. Bears' next short-term downside goal is to push prices below $ 1.500 under solid technical support. The first resistance is seen at $ 1,546.10 and then at $ 1,550.00. First support is seen at $ 1,530.00 and then at $ 1,523.00. Wyckoff's market valuation: 8.0.
Silver futures prices in December closed close to mid-range today, reaching a two-year high. Overall, the silver bulls have the solid short-term technical advantage. A three-month uptrend is available on the daily bar chart. Silver Bulls next price target is the closing price above the solid technical resistance at $ 18.00 an ounce. The next downside target for the bear is the closing price, with solid support at $ 17.00. First resistance is seen at today's high of $ 17.90 and then at $ 18.00. Next support is $ 17.605 and then $ 17.50. Wyckoff's market valuation: 8.0.
December N.Y.-Copper closed today 140 points at 255.05 cents. Prices closed close to daily highs, having reached a 2.5-year low this morning. The copper bears have the overall solid short-term technical advantage. The next price target of Copper Bulls is to push the prices with 265.00 cents above the solid technical resistance and close. The next downward price target for the bears is to close prices below solid technical support at 240.00 cents. The first resistance can be seen at today's high of 255.70 cents and then at 258.35 cents. The first support is seen at 253.20 cents and at today's low of 249.90 cents. Wyckoff's market valuation: 1.0.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. . The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not a request to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article assume no liability for any loss or damage arising out of the use of this publication.