Gold rises, money climbs as risk aversion goes back

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 are slightly higher and silver prices at the start of the trading session on Monday. Risk aversion in the global market came back to begin the week of trading, with lingering uncertainty about geopolitics. December gold futures were up $ 10.20 an ounce at $ 1,525.30. In December, Comex's silver prices were up $ 0.566, to $ 18.415 an ounce.

Asian and European stock markets were generally weaker overnight. US stock indexes indicate almost stable openings at the beginning of New York's daily session.

There were more demonstrations and related violence in Hong Kong over the weekend, trade talks between the United States and China took another step back and growing concern over the slowdown in global economic growth. US-Iranian tensions are also brewing in the background.

The PMI reports published Monday by the European Union indicate that the euro area composite PMI for September is below expectations at 50.4. A reading below 50.0 suggests a contraction. More worryingly, the German manufacturing PMI in September stood at 41.4, which is also worse than expected and suggests that the German economy is wavering over the recession.

Nymex crude oil prices are slightly lower and are trading at around $ 58.00 a barrel. The Wall Street Journal reported this weekend that it could take months, not weeks, to completely restore the production of oil facilities attacked in Saudi Arabia in mid-September.

The other key foreign market today saw a slight increase in the US dollar index.

US economic data to be released on Monday includes the Chicago Fed's national activity index and the US indexes of flash manufacturing executives and purchasing services. Several representatives of the Federal Reserve are also scheduled to speak today.

On the technical side, gold bullion has a strong short-term overall technical advantage, as a four-month bullish trend on the daily bar chart remains in place. 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 will push December futures prices below strong technical support to September's low of $ 1,490.70. The first resistance is seen at $ 1,532.20, then at 1,535.00. The first support is $ 1,517.90 overnight, then $ 1,510.00. Wyckoff Market Rating: 7.5

The December silver futures still have a short-term global technical advantage. A four-month uptrend remains in place 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 bearish futures is the lower closing price of solid support at September low of $ 17.47. The first resistance is seen at $ 18,555 then at $ 18.89. The next support is seen at $ 18.25 and then at $ 18.00. Wyckoff Market Estimate: 7.0.