These Levels Must Be Watched at the price of Gold and Silver!

Gold and silver prices rebounded slightly after Thursday’s bombardment. Gold and silver prices rose modestly in US markets early Friday, with slight corrective bounces after strong losses on Thursday and gold slumped to a four-week low and silver to a five-week low. Detail cryptocoin.com‘in.

Levels in gold and silver

Short-term chart positions for both metals have been more bearish this week, suggesting some more bearish price pressure in the near term. October gold futures were last at $1,758.10, up $3.50. December’s Comex silver was last trading at $22.95 an ounce, up $0.161.

Global equities were mixed in overnight trading, with European indices mostly weaker and Asian indices mostly stronger. US stock indices point to modest low openings as the New York daily session begins. It’s been a volatile week for US stock indices, and it could continue until mid-week when the Federal Reserve Open Market Committee (FOMC) ends its monetary policy meeting next week.

Global developments and silver

Major Chinese real estate developer Evergrande has seen stock prices plunge again overnight, which some have interpreted as a sign of bigger problems in the Chinese economy. China’s central bank injected liquidity into its financial system on Friday – the first such action in seven months. The move was aimed at calming tense Chinese markets. If this situation becomes more serious, the gold and silver markets may see some safe-haven demand build up.

In another overnight news, the euro zone consumer price index for August increased by 0.4% and 3.0% year-on-year, compared to July. These figures were in line with market expectations and the inflation front was also tame. Major foreign markets see the US dollar index weaker today. Nymex crude futures prices are also lower, trading around $72.15 a barrel. Meanwhile, the yield on the benchmark US 10-year Treasury note currently yields 1.338 percent. US economic data due Friday includes the University of Michigan consumer sentiment survey.

Technically, October gold futures generally have a short-term technical advantage. According to analyst Jim Wyckoff, the next upside price target for the bulls is to produce a close above solid resistance at $1,800.00. The bears’ next short-term bearish price target is to push futures prices below the solid technical support at $1,700.00. According to analyst Jim Wyckoff, initial resistance is seen at the nightly high of $1,765.40 followed by $1,775.00. Initial support is seen at today’s low at $1,750.70, followed by this week’s low at $1,743.50.

In silver, the bears have solid overall technical advantage in the short term and gained more strength this week. The silver bulls’ next upside price target is to close December futures prices above solid technical resistance at $24.00 an ounce. The next downside price target for the bears is to close prices below the solid support at $22.35, the August low. According to analyst Jim Wyckoff, initial resistance is seen at the night’s high at $23.13 followed by $23.50. The next support is seen at $22.81 today’s low, followed by this week’s low at $22,585.

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