The price of gold and silver in the US yesterday was almost stable while the price of gold recorded a very small increase, silver ended the last day of the week with a decrease in trading prices.
Online Economy – Akram Shabani; In the last trading day of the last trading week, gold maintained its lowest level of the last four weeks and silver maintained its lowest level of the last five weeks. The situation of short-term technical charts for both metals has deteriorated, indicating that there is more downward pressure in short-term trading. Gold for October delivery was up $ 0.10 at $ 1,753.80 an ounce and silver for December delivery was down $ 0.51 at $ 22.36 an ounce.
Global stock markets had a mixed trend yesterday, while stock indices in Europe declined, major indices rose in Asia. In the United States, all three major indicators fell on the last trading day of the week. Last week was very volatile for stock markets, and this downtrend may continue until the middle of next week and the meeting of the Federal Reserve Committee on FOMC, which decides on monetary policy.
In yesterday’s trading session, the stock price of Evergrande Company, China’s largest real estate development company, also fell again, which many have considered as a sign of bigger problems in the country’s economy. China’s central bank on Friday poured liquidity into its financial system to try to calm domestic turbulent financial markets for the first time in seven months.
In other news yesterday, the eurozone consumer price index rose 0.4 percent in August from a month earlier and 3 percent year-on-year. The published economic data is assessed exactly in line with market expectations and a sign of rising inflation.
In key foreign markets, the US dollar index fell slightly. Nimex crude futures prices also remained in the range of $ 72.15 per barrel. US Treasury yields on 10-year bonds also reached 1.338 percent.
(Chart of 24-hour gold price trend)
From a technical point of view, the downward trend in gold futures trading has a general short-term technical advantage. The next bullish target for gold is the $ 1,800 ounce resistance level and the next bullish target is below the $ 1,700 support level. The first resistance level of gold is at the highest level of yesterday’s trading price of $ 1765.40 per ounce and the second resistance level is $ 1775 per ounce. The first support level of gold is at the lowest level of yesterday’s trading price, which is $ 1750.70 per ounce, and the second support level is at the lowest level of the weekly trading price, which is $ 1743.50 per ounce.
(Chart of 24-hour movement of silver prices)
The downward trend in December silver futures generally has a general short-term technical advantage, and the downward trend in the last trading week has gained more strength. The next bullish target for silver is the technical resistance level of $ 24 per ounce and the next downside target is below the support level of $ 22 per ounce. The first resistance level of silver was observed at the highest level of yesterday’s trading price of $ 23.13 per ounce and the second resistance level was observed at $ 23.50 per ounce, while the first support level of silver was observed at the lowest level of yesterday’s trading price of 22 $ 30 per ounce and the second support level is at $ 22 per ounce.