Skip to main content

A.M. Kitco Metals Roundup: Gold Weaker On Position Evening As Key Data Points Awaited

Comex gold futures prices are modestly lower in early U.S. trading Tuesday, pressured by some position evening and technical chart consolidation ahead of some big economic data due out in the next few days that will most certainly be markets-moving. December gold was last down $5.50 at $1,324.10 an ounce. Spot gold was last quoted down $3.70 at $1,324.00. September Comex silver last traded down $0.214 at $19.65 an ounce. Asian and European stock markets were firmer overnight in subdued trading, as key worldwide economic data points are approaching fast. The highlights this week are the U.S. Federal Reserve’s FOMC meeting that begins Tuesday and the U.S. employment report Friday. Most expect the Fed will leave its monetary policy unchanged and continue to lean well to the dovish side at this week’s meeting. Many Fed watchers are actually looking ahead to the next FOMC meeting, in September, at which time the central bank could begin its much-anticipated “tapering” of its monthly bond-buying program, also called quantitative easing. For the U.S. jobs report, the key non-farm payrolls figure is forecast to rise by around 175,000 workers in July. The overall unemployment rate is expected to have declined by 0.1%, to 7.5%. The U.S. gross domestic product reading for the second quarter will also be released Wednesday. European traders are awaiting the European Central Bank and Bank of England monthly meetings that occur on Thursday. Asian traders and investors are awaiting manufacturing data from China, due out Thursday. The European Union did see its overall consumer confidence rise to the highest level in over a year, it was reported Tuesday. At present, the EU sovereign debt problems are pushed to the back burner of the market place, but have not just disappeared. The U.S. dollar index is near steady Tuesday morning and hovering near Monday’s five-week low. The greenback bears have the overall near-term chart advantage. Meantime, Nymex crude oil futures prices are lower Tuesday morning and hit a three-week low overnight. While the crude oil bulls still have the overall near-term technical advantage, they are fading. U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, the S&P/Case-Shiller home price index, and the consumer confidence index. The London A.M. gold fix is $1,322.25 versus the previous London P.M. fixing of $1,331.00. Technically, December gold futures see a four-week-old price uptrend in place on the daily chart. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,350.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,300.00. First resistance is seen at Monday’s high of $1,338.50 and then at $1,350.00. First support is seen at the overnight low of $1,318.10 and then at $1,308.90. September silver futures are in a gentle four-week-old uptrend on the daily chart, but now just barely so, and bulls need to show more power very soon to keep it in place. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at the July high of $20.595 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $19.215. First resistance is seen at the overnight high of $19.875 and then at $20.00. Next support is seen at the overnight low of $19.50 and then at $19.215.

Comments

Popular posts from this blog

Windows 10 now on 600 million machines.

Microsoft CEO Satya Nadella told shareholders that Windows 10 has now passed 600 million monthly active users, picking up 100 million since May of this year. This number counts all Windows 10 devices used over a 28-day period. While most of these will be PCs, there are other things in the mix there: a few million Xbox Ones, a few million Windows 10 Mobile phones, and special hardware like the HoloLens and Surface Hub. The exact mix between these categories isn't known, because Microsoft doesn't say. The company's original ambition (and sales pitch to developers) was to have one billion systems running Windows 10 within about three years of the operating system's launch. In July last year, the company acknowledged that it won't hit that target—the original plan called for  50 million or more phone sales a year , which the retreat from the phone market has made impossible. But at the current rate it should still be on track for somewhere in excess of 700 million use...

WZoneLite – A Pretty Cool WooCommerce Amazon Affiliate Plugin .

Everyone wants to make a million dollars by being a blogger. The promise of riches and internet fame is a big draw to doing it for a lot of people, and I’m sorry to say that the reality of being a blogger (even a professional blogger!) is not quite…as financially lucrative as all that. But that’s not to say that it  can’t be –one of the best ways to start your empire is with an Amazon affiliate plugin. For me, the Amazon Associates program has been one of the biggest earners for me over the years. Not only are there CPM ads like Google Adsense (you know, the normal banner ads we all love to hate), but any time someone clicks a link from your site, you get a percentage of  anything  they buy while the token from your site lasts in their browser. If they buy a song, you get a few cents. If they buy a new MacBook Pro and iPhone? You get…a lot more cents. With that in mind, WZoneLite is a  pretty cool WooCommerce Amazon affiliate plugin that syncs everything together s...

Game-changing SEO trends that will dominate 2018.

Changing nature of the rules of the game. As search engines strive to improve the quality of search results, some ranking factors shift shapes, others fall into oblivion, and completely new ones arise out of nowhere. To help you stay ahead of the game in 2018, here’s a list of the most prominent trends that are gaining momentum, with tips on how you can prepare for each. 1. The rise of SERP features Are you assuming a #1 organic ranking is  the  way to get as much traffic as possible? Think again. Increasingly, SERP features (local packs, Knowledge panels, featured snippets and so on) are stealing searchers’ attention and clicks from organic listings. And it’s only fair if you consider the evolution the Google SERP has been through. It has gone all the way from “10 blue links”… … to something that makes you feel like you’re part of a Brazilian carnival. What can you do about it? With the evolution of SERP features, it’s critical that you (a) track your rankings within...