Gold, money in the middle of a safe buy, bullish charts

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(Kitco News) – Gold and silver prices are higher Wednesday in the early afternoon, due to increased demand for safe havens and securities. 39, increased uncertainty in the market, as well as for technically-based purchases. Gold futures have closed at a six-year high today, while silver prices have hit another three-year high. December gold futures were up $ 6.30 an ounce at $ 1,561.80. In December, Comex's money prices had risen by $ 0.308 to $ 19.54 an ounce.

While traders and investors around the world were breathing a little easier with today's announcement that the Hong Kong leader had withdrawn his bill authorizing the extradition of citizens from Hong Kong to mainland China to For the purposes of criminal trials, other areas of serious concern remain. This proposal for a new law on Hong Kong was one of the reasons for the major event in Hong Kong in recent months. It is too early to determine whether this overthrow of the Hong Kong leader on the issue will be enough to curb civil unrest.

China-US The trade war remains at the forefront of the global market and has intensified in recent days. Current currency market volatility, Brexit bickering in the UK, and worries about slowing global economic growth are also making the market nervous.

The head of the International Monetary Fund, Christine Lagarde, said on Wednesday that the European Central Bank needed an accommodative monetary policy for a while due to threats on the horizon. This comes after the eurozone announced that its retail sales in July were down 0.6% from June.

The UK economy could slip into recession despite the turmoil of Brexit. Purchasing Managers' data for August, released today, was lower than in July. The British pound this week reached a low of more than 30 years against the US dollar.

Today's major "foreign markets" are seeing Nymex crude oil prices rise sharply and are trading around $ 56.50 per barrel. The index in US dollars is down sharply on a normal bearish correction after peaking at 27 months on Tuesday.

Technically, the December gold futures prices moved closer to the high of the session today. Bulls have strong overall technical advantage in the short term. A three-month uptrend is in place on the daily bar chart. There is no evidence to suggest that a market peak is at hand. The Gold Bulls' next short-term bullish price target is to produce near-resistance solid resistance at $ 1,600.00. Bears' next short-term price reduction target pushes prices up to $ 1,500 under solid technical support. The first resistance is observed at the highest level in August of $ 1,565.00, then at $ 1,575.00. The first support is at today's low, at $ 1,542.60, then at $ 1,535.00. Wyckoff Market Rating: 8.5

The futures prices for silver in December closed near the mid – range today. Silver bulls have the overall technical advantage in the short term. A three-month uptrend is in place on the daily bar chart. There is no early clue to suggest that a market peak is at hand. The next price reduction target for the Silver Bulls is to close the closing prices above a strong technical resistance at $ 20.00 an ounce. The next downside price target for the bears is the lower than solid support low of $ 18,365 this week. The first resistance is observed at today's highs, at $ 19.69, then at $ 20.00. The next support is seen at today's low of $ 19.28 then at $ 19.00. Wyckoff Market Estimate: 9.0.

In December, copper closed up 660 points to 259.35 cents today. Prices closed near the session, rising after reaching a low of 2.5 years on Tuesday. Copper bears still have a strong 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 265.00 cents. The next downside target for bears is the lower closing price at strong technical support at 240.00 cents. The first resistance is seen at 260.00 cents and then at 262.50 cents. The first support is at 255.00 cents, then at today's low, at 252.75 cents. Wyckoff Market Estimate: 2.0.