Prices for gold and silver are lower amid optimistic attitudes in mid – week

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(Kitco News) – Gold and silver prices are moderately low at the start of the US trading session on Wednesday, with sentiment of traders and investors remaining positive in the middle of the week. Even so, the bulls in the precious metals market should not be too disappointed by the price developments so far this week, as gold and silver can be said to be resilient in the face of the recovery in prices. global stock markets this week. December gold futures were down $ 6.50 per ounce to 1,509.20. In September, Comex 's money prices were down $ 0.133, to $ 17.02 an ounce.

Global equity markets were mainly on the rise in overnight trading. US stock indexes point to higher opening at the start of the New York session. By helping raise the US and global stock markets, President Trump and his administration are on the offensive this week, 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.

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

Until then, the US economic data point of the week will be the Wednesday afternoon publication of the minutes of the last meeting of the Federal Reserve Open Market Committee (FOMC), which is held from the 30th to the 31st of July. Market watchers want to know if the minutes contain clues to the timing and number of future interest rate cuts.

Today's major "foreign markets" are seeing Nymex crude oil prices strengthen and trade around $ 56.75 per barrel. The US dollar index is slightly higher.

Other US economic data to be released on Wednesday includes the weekly MBA mortgage application survey, existing home sales and the DOE's weekly liquid energy inventory report.

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 bears is a close lower than solid support price 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.