(Kitco News) – Gold prices are trading near unchanged and silver prices slightly higher in early U.S. trading Monday. It’s a quieter start to the trading week, which is the unofficial last week of summer for Americans, ahead of the three-day Labor Day holiday weekend. October gold futures were last down $0.20 at $1,817.00. September Comex silver was last up $0.128 at $24.19 an ounce.
Global stock markets were mostly firmer overnight. The U.S. stock indexes are pointed to firmer openings when the New York day session begins, with the Dow and Nasdaq futures poking to record highs overnight. U.S. trader and investor attention to start the trading week is on Hurricane Ida that pounded the Louisiana and Mississippi coasts Sunday and overnight. The final days of the U.S. evacuations in Kabul, Afghanistan occur early this week, after last week’s terror attack that killed scores. Later this week comes the all-important U.S. jobs report on Friday morning.
Traders have mostly digested last week’s Jackson Hole, Wyoming annual Federal Reserve symposium. While several Federal Reserve officials gave hawkish interviews last week, Fed Chairman Jay Powell said on Friday that while the Fed could begin to reduce its monthly bond purchases this year, it will be in no hurry to raise interest rates. Powell’s remarks were not deemed as being overly hawkish on U.S. monetary policy.
The key outside markets today see the U.S. dollar index slightly lower but still trending higher. Nymex crude oil futures prices are lower and trading around $68.25 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.30%.
U.S. economic data due for release Monday includes pending home sales and the Texas manufacturing outlook survey.
Technically, October gold futures bulls have the overall near-term technical advantage. Prices are in a three-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the July high of $1,836.20. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,775.00. First resistance is seen at the overnight high of $1,823.60 and then at $1,836.20. First support is seen at $1,810.00 and then at $1,800.00. Wyckoff’s Market Rating: 6.0
The silver bears have the overall near-term technical advantage but are making some headway. A three-month-old downtrend on the daily bar chart has been at least temporarily negated. Silver bulls’ next upside price objective is closing September futures prices above solid technical resistance at $25.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at $24.515 and then at $24.75. Next support is seen at the overnight low of $23.96 and then at $23.75. Wyckoff’s Market Rating: 4.0.