Gold and silver well ahead of the FOMC minutes

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(Kitco News) – Gold and silver prices are trading close to unchanged on Wednesday at noon in the United States. Traders wait 14:00 EDT publishes the minutes of the last meeting of the Federal Reserve's Open Market Committee (FOMC) held July 30-31. Market watchers want to know if the minutes contain any indication of the timing and number of future interest rate cuts in the United States. December gold futures were down $ 0.30 an ounce at $ 1,515.40. In September, Comex 's money prices were down $ 0.003, to $ 17.145 an ounce.

The purchase of mid-week money and hunt interest is being stifled by the "risky" trader and investor mentality. By helping to raise the US and global stock markets this week, President Trump and his administration are on the offensive, saying the US is not heading for an economic recession. Rumors are circulating around Washington, DC, that the Trump government is once again considering cutting taxes. Trump confirmed he was considering cutting taxes to maintain the strength of the US economy.

Trump continues to press against the US Federal Reserve, saying on Wednesday that if Fed Chairman Powell "would use his head", the Fed would lower interest rates. However, Trump said he had not "demanded" that Powell lower US rates.

The European market held on the resignation of Italian Prime Minister Giuseppe Conte Tuesday night.

Today's major "foreign markets" see the price of Nymex's lower crude oil trading around $ 56.00 a barrel. The US dollar index is slightly lower.

On the technical side, bulls have a 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 observed at this week's high, at $ 1,523.60, then at $ 1,530.00. The first support is found at the bottom of this week, $ 1,503.00, then $ 1,500.00. Wyckoff Market Rating: 7.5

Silver futures in September have a strong overall short-term technical advantage. An uptrend of 11 weeks is in place on the daily bar chart. The Silver Bulls' next bullish price target is to close the closing prices above the 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 seen at $ 17.37, then at $ 17.49. The next support is seen at $ 17.00, then at the low of $ 16.82 this week. Wyckoff Market Estimate: 7.5.

September NYC copper closed up 80 points to 258.60 cents today. Prizes came closer to the top of the session. 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 observed at the top of Tuesday, 260.35 cents, and the high of this week, 262.60 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: 1.5.