Gold, money prices down; Jackson Hole on the bridge

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(Kitco News) – Gold and silver prices are lower Thursday morning in the United States, as the risk aversion of traders and investors is not high. Metals could also see some futures positions of futures traders before world bankers' speeches at the Jackson Hole Symposium, Wyoming Federal Reserve, which begins today. December gold futures were down $ 12.10 per ounce at $ 1,503.50. In September, Comex 's money prices were down $ 0.171, to $ 16.98 an ounce.

Fed President Jerome Powell is due to deliver a speech at the Jackson Hole meeting on Friday. The Fed and the ECB rely easily on their monetary policies. Traders are now waiting for the minutes of the July meeting of the European Central Bank.

Global stock markets have been mixed in day-to-day transactions. US equity indices point to firmer opening at the start of New York's daily session. A very slight risk aversion returned to the market following new tensions between China and the United States. China said it would sanction US companies involved in the sale of US fighter jets in Taiwan.

The Chinese yuan is still depreciated Thursday against the US dollar, trading around 7,085 and the lowest level for 11 years.

Surveys of procurement officials in Australia and the euro area have been disappointing today. The index of purchasing managers in the manufacturing sector (PMI) of the euro area was 47.0 in August. A reading below 50.0 suggests a contraction of the sector. Importantly, Germany, the spearhead of the euro area, had only its manufacturing manufacturing index at 43.6 in August.

The main "foreign markets" are now seeing Nymex crude oil prices firm and trade around $ 56.00 a barrel. The US dollar index is slightly higher.

US economic data to be released on Thursday includes the weekly report on job applications, the US services and manufacturing flash PMI, advanced economic indicators and the Kansas City manufacturing survey. Fed.

On the technical side, gold 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. Bulls next bullish price target is to produce a futures contract in October, above a strong resistance, at the high of $ 1,546.10 reached in August. Bears' next short-term price reduction target pushes December futures prices below strong technical support to $ 1,488.90. The first resistance is observed at a maximum of $ 1,518.40 today, then at a high of $ 1,523.60 this week. 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. Prices are in a bullish trend of 2.5 months on the daily bar chart. The next bullish price reduction target of the Silver Bulls is to close the closing prices above a strong technical strength at the August high of $ 17.49 an ounce. The next downside price target for the bears is the lower closing price at solid support at $ 16.51. The first resistance is observed at this week's high, at $ 17.175, then at $ 17.25. The next support is seen at this week's low, at $ 16.82, then at $ 16.685. Wyckoff Market Estimate: 7.0.