(Kitco News, Mon. July 17th, 2023) – Gold and silver prices are modestly down in midday U.S. trading Monday. There are some renewed concerns about demand for metals after China, a voracious raw commodity consumer, released some downbeat economic data. August gold was last down $7.40 at $1,957.00 and September silver was down $0.129 at $25.065.
China, the world’s second-largest economy, saw its gross domestic product rise 6.3% in the second quarter, year-on-year, which was below market expectations for a rise of 6.9%. The news put some downside price pressure on the metals and crude oil markets. “The Chinese economy is clearly sputtering,” said one analyst in a Wall Street Journal story on the matter.
Asian and European stock markets were mixed to weaker in overnight trading. U.S. stock indexes are firmer near midday. Bull market runs in the U.S. stock indexes are also taking away some trader and investor demand for the precious metals.
The key outside markets today see the U.S. dollar index slightly lower. Meantime, Nymex crude oil prices are lower trading around $74.75 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 3.824%.
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U.S. will be forced into a CBDC to keep USD’s reserve currency status – Rich Checkan |
U.S. economic data due for release Monday was light but data pace rapidly picks up speed Tuesday.
Gold Price in US Dollars
Jul 17, 2023 13:00 NY Time
Bid
1,953.60
-0.70 (-0.04%)
Ask
1,954.60
Technically, August gold futures bulls and bears are on a level overall near-term technical playing field. Prices are in a fledgling uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the June low of $1,900.60. First resistance is seen at today’s high of $1,9763.60 and then at the July high of $1,968.50. First support is seen at today’s low of $1,949.00 and then at $1,937.50.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
September silver futures prices hit a two-month high Friday. The silver bulls have the overall near-term technical advantage. A three-week-old price uptrend is in place on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the April high of $26.645. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at the July high of $25.255 and then at $25.50. Next support is seen at today’s low of $24.815 and then at $24.50.
September N.Y. copper closed down 965 points at 383.65 cents today. Prices closed nearer the session low today. The copper bulls and bears are on a level overall near-term technical playing field amid choppy trading. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the June high of 396.40 cents. The next downside price objective for the bears is closing prices below solid technical support at 368.30 cents. First resistance is seen at 390.00 cents and then at the July high of 395.40 cents. First support is seen at today’s low of 381.15 cents and then at 374.25 cents.
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com