Trump speaks loudly in the United States; gold rallies

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(Kitco News) – Gold prices are up sharply and hit a three-week high on Tuesday in the United States. President Trump's tough language on China and Iran has led to a sell-off in the US stock market, the US dollar index, and crude oil. This, in turn, sparked an interest in buying for protected gold. Technical traders have also once again taken the opportunity to "cushion" the price of gold as a result of the initial pressures. December gold futures were up $ 8.70 per ounce at $ 1,540.20. In December, Comex's silver prices were down $ 0.076 to $ 18.635 an ounce.

In a speech to the United Nations in New York, Trump unscrupulously called on China to "play" the global trading system. It is hard to imagine that the Chinese leaders will not harden their stance against the United States after the clash of the most populous nation in the world today by Trump, before a world body. Trump also warned the UK that the current Iranian regime is despicable, spreading fear and terror in the Middle East and around the world. The US president also said that "globalization" is over and that nationalism is gaining favor around the world.

The attitude of traders and investors was a little more optimistic at the beginning of the day, until Trump's speech.

Nymex crude oil prices are lower and are trading around $ 57.25 per barrel at noon. The other key foreign market sees the US dollar index trading slightly lower.

Technically, gold futures for December were close to the highs of the noon session and peaking at three weeks today. Bulls have a solid short-term overall technical advantage among a four-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 under strong technical support to $ 1,510.00. The first resistance is seen at $ 1,550.00, then at $ 1,566.20. The first support is seen at $ 1,535.00, then at $ 1,525.00. Wyckoff's Market Rating: 8.0

The futures prices for silver in December were closer to the top of the session at noon and today have reached their highest level in three weeks. Silver bulls have a strong overall technical advantage in the short term. A four-month uptrend is in place on the daily bar chart. 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 bearish futures is the lower closing price of solid support at September low of $ 17.47. The first resistance is observed at today's highs, at $ 18.81, then at $ 19.00. The next support is seen at today's low of $ 15,315 then at $ 18.00. Wyckoff Market Estimate: 7.0.

In December, copper closed down 60 points to 260.50 cents today. Prices came closer to the session, down today. The copper bears have the overall technical advantage in the short term. 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 seen at 264.75 cents, then at 268.00 cents. The first support is observed at this week's low, at 257.25 cents, then at 255.00 cents. Wyckoff Market Estimate: 3.0.