Gold prices up slightly as world central banks slant easily

Editor's note: to be caught
minutes with our quick summary of the news to read absolutely and expertly
opinions that have displaced precious metals and financial markets. Register here!

(Kitco News) – Gold prices rose slightly at the start of US trading on Friday. The short-term idea of ​​increased monetary policy accommodation from the world's major central banks is contributing to the rise in the price of gold. December gold futures were up $ 3.20 an ounce at 1,510.20. In December, Comex's silver prices were down $ 0.047 to $ 18.13 an ounce.

The US retail sales report for August, which was released, is up 0.4%, outpacing market expectations of a 0.2% increase. July retail sales were also revised, up 0.8%. Gold prices have been lightly squeezed on the market right after the report's release, as data fall into the hands of US monetary policy hawks, who do not want to see interest rates lower.

The Asian and European stock markets have mostly grown overnight. Markets in China, South Korea and Taiwan were closed Friday. US stock indexes point to higher opening at the start of the New York session. The risk appetite of operators and investors remains optimistic towards the end of the week, especially because of reports released Thursday by President Trump, who may be interested in an interim trade deal with China. The United States and China this week appeared more conciliatory in their ongoing trade war. This is a negative factor for the safe havens markets.

The markets are still digesting the European Central Bank's monetary policy meeting on Thursday, allowing the bank to ease its monetary policy considerably. The ECB lowered interest rates by 0.1%, to minus 0.5%, and also announced a new program of buying "quantitative easing" bonds, the largest in Europe. three years. The Federal Reserve's FOMC is meeting next week and is expected to cut US interest rates by 0.25%. According to reports released today, Japan may seek to further stimulate its moribund economy.

Today's main "foreign markets" are seeing Nymex crude oil prices strengthen and trade around $ 55.25 per barrel. The US dollar index is lower at the start of trading in the United States today.

US economic data, scheduled for release on Friday, includes retail sales, import and export prices, manufacturing and trade inventories, and the consumer confidence survey. University of Michigan.

Technically, gold bullion has the overall short-term technical advantage and maintains a three-month bullish trend on the daily bar chart. Bulls next bullish target is to produce a futures contract in October, above a strong September high of $ 1,566.20. Bears' next short-term price reduction target pushes December futures prices below strong technical support to a low of $ 1,492.10 this week. The first resistance is seen at $ 1,535.00, then at 1,540.00. The first support is seen at $ 1,510.00, then at $ 1,500.00. Wyckoff Market Note: 7.0

The December silver futures have the overall technical advantage in the short term. Prices are in a bullish trend of three months on the daily bar chart. The next bullish price target of the Silver Bulls is the closing price, above a strong technical resistance, at $ 19.00 an ounce. The next downside price target for the bears is a lower closing price at $ 17.50. The first resistance is seen at the top of this week of $ 18,555, then at $ 18.76. The next support is seen at $ 18.00, then at the low of $ 17.855 this week. Wyckoff Market Estimate: 7.0.