Gold and silver prices fall under the effect of the global stock market rally

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(Kitco News) – Gold and silver prices are lower on Monday at the US trading session, as risk appetite for investors and traders has risen sharply to kick off the week negotiation. However, prices for both metals rose well against their daily lows. December gold futures were down $ 11.30 per ounce to $ 1,512.30. In September, Comex 's money prices were down $ 0.147, to $ 16.98 an ounce.

Bull markets, even the strongest, do not see prices going up every day. In fact, the consolidation of the corrective chart is sound and suggests that the uptrend can be maintained.

Global equity markets were up on Monday and US stock indexes were up sharply early in the afternoon in New York. No major geopolitical developments took place this weekend and civil unrest in Hong Kong did not escalate, as many feared.

The optimistic comments by President Trump and his economic leaders on the US economy over the weekend, that there was no recession on the horizon, also boost investor confidence.

Weekend News China plans to further stimulate its economy with interest rate reforms, which has come together with last week's news that the European Central Bank is planning further monetary stimulus in September. allowed to clarify the global market.

Safe assets American treasures are also under pressure. The yield curve of the US Treasury bond market is no longer reversed after being briefly so last week.

The main "foreign markets" today are seeing Nymex crude prices rise and trade around $ 55.75 per barrel. The US dollar index is slightly higher.

Later this week, the market will closely monitor the annual Jackson Hole Convention, Wyoming, which will be attended by the world's central banks.

No major US economic data was released Monday.

Technically, forward gold prices for December have closed near the mid-range today. Bulls always have the strong overall technical advantage in the short term. A bullish trend of 2.5 months is in place on the daily bar chart. There is still no significant evidence to suggest that a market peak is at hand. The next goal of price increase in the short term price increases is to produce a technical resistance close to the strong resistance at the highest level of $ 1,546.10 reached in August. Bears' next short-term price reduction target pushes prices down under strong technical support at last week's low of $ 1,488.90. The first resistance is $ 1,523.60 and then $ 1,530.00. The first support is at today's low of $ 1,503.30, then $ 1,500.00. Wyckoff Market Rating: 7.5

The futures prices for silver in September closed near the mid-range today. Silver bulls have a strong overall technical advantage in the short term. An uptrend of 11 weeks is in place on the daily bar chart. The next bullish price target for the Silver Bulls is to close the closing prices above a strong technical resistance at the August high of $ 17.49 an ounce. The next downside price target for bears is the lower than solid support low of $ 16.51 last week. The first resistance is observed at today's highs, at $ 17.175, then at $ 17.315. The next support is at today's low, at $ 16.82, then at $ 16.685. Wyckoff Market Estimate: 7.5.

September N.Y. Copper closed up 70 points to 260.20 cents today. Prices closed near mid-range. The copper bears have the general 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 bear down target is the lower closing price at the solid technical support at 250.00 cents. The first resistance is seen at the height of last week, at 263.80 cents, then at 265.00 cents. The first support is observed at 256.70 cents, the lowest of last week, then 253.15 cents, the lowest in August. Wyckoff Market Estimate: 2.0.