Gold prices soared during the day at the front

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(Kitco News) – Gold prices are up slightly, but are well above the daily highs on Thursday in the United States. The headlines pushed up gold prices early but late – morning stocks pushed prices down. In total, the bulls have won the battle of the news today. December gold futures were up $ 3.30 an ounce at $ 1,506.60. In December, Comex silver prices were down $ 0.02, to $ 18.15 an ounce.

The early morning publication of the results of the European Central Bank's monetary policy meeting prompted the ECB to take strong measures to ease its monetary policy – more than expected by the market. The ECB lowered interest rates by 0.1%, to minus 0.5%, and also announced a new program of buying "quantitative easing" bonds, the largest in Europe. three years. This news immediately pushed prices for gold and silver up and to daily highs, while traders believed the other major central banks in the world would do the same, including the Reserve. federal government, whose FOMC is meeting next week.

However, gold and silver prices quickly fell from their highs in the late morning when news reports surfaced that the Trump administration would soon seek a solution with China to end the war. between the two largest economies in the world, including its commercial tariffs on China.

Then, gold prices fell slightly when the Trump government came out and denied reports of a faster resolution of trade with China.

The risk appetite of traders and investors generally remains high late this week. This is a disadvantage for safe havens. Trade tensions between the United States and China seem to have faded a little this week. The United States announced overnight the slight delay in the application of certain tariffs to China, which was to come into effect on October 1. This follows China's decision this week to exempt some US products from their own tariffs. Both parties are scheduled to meet in October. The reports released today also indicated that China was seeking to narrow the scope of negotiations to trade alone, leaving aside other issues that remained unresolved, such as national security.

The main "foreign markets" today are seeing Nymex crude oil prices drop and trade around $ 55.00 a barrel. Thursday sees a meeting of the OPEC cartel on oil. The US dollar index is lower today at noon in the United States, after posting solid gains earlier this morning.

Technically, the December gold futures prices moved closer to the low of the session. Bulls have the overall short-term technical advantage and maintain a three-month bullish trend on the daily bar chart. The next objective of increasing short-term gold bullion prices is to produce a technical resistance close to September's strong $ 1566.20 peak resistance. Bears' next short-term price reduction target pushes prices down to solid technical support at $ 1,475.00. The first resistance is at $ 1,520, Tuesday's high, then $ 1,525.00. The first support is seen at $ 1,500.00, then at the low of this week, $ 1,492.10. Wyckoff Market Note: 7.0

December 's futures prices moved closer to the lows of the session. Bulls have the overall technical advantage in the short term. A three-month bullish trend is still in place on the daily bar chart, but the bulls need to show a new power soon to keep it alive. Silver Bulls' next price reduction target is to close closing prices above a strong technical resistance at $ 19.00 an ounce. The next downside price target for the bears is a lower closing price at $ 17.50. The first resistance is seen at 18.40 dollars, then at today's high, 18.555 dollars. The next support is seen at $ 18.00, then at the low of $ 17.855 this week. Wyckoff Market Estimate: 6.5.

In December, copper closed up 325 points to 264.65 cents today. Prices came close to the high of the session, reached their highest level in six weeks and marked a bullish "day out" on the daily bar chart. Copper bears always have the overall technical advantage in the short term. However, recent gains suggest that this market has bottomed out. The Copper Bulls' next bullish price target is to push the closing prices above a strong technical resistance to 275.00 cents. The next downside for bearish futures is lower close to strong technical support at the low of September (248.20 cents). The first resistance is at today's highs at 266.80 cents and then 268.00 cents. The first support is at 262.00 cents and then today's low at 259.00 cents. Wyckoff Market Estimate: 4.0.