{"id":1305,"date":"2019-07-18T18:20:51","date_gmt":"2019-07-18T18:20:51","guid":{"rendered":"https:\/\/skyeconomynews.com\/?p=1305"},"modified":"2019-07-19T19:22:51","modified_gmt":"2019-07-19T19:22:51","slug":"gold-and-silver-prices-rise-as-the-week-closes","status":"publish","type":"post","link":"https:\/\/skyeconomynews.com\/gold-and-silver-prices-rise-as-the-week-closes\/","title":{"rendered":"Gold and silver prices rise as the week closes"},"content":{"rendered":"\n

Gold and silver prices rise as the week closes<\/strong><\/p>\n\n\n\n

Gold prices rose moderately Thursday in the US. August gold\nfutures are set to close $3.80 up, at a five-month high an ounce, of $1.427.00.\nSilver markets are also doing well this week as prices hit a four-month high.\nSilver COMEX prices for September rose $0.194 to $16.17 an ounce.<\/p>\n\n\n\n

Silver prices rose nearly $1.00 this week on the charts.\nLook for further rally in the metal in the near term as price rises this week\nare of general interest to investors. The weekly chart of COMEX silver futures\nfrom shows that prices this week have risen above the long-term downtrend line\ndrawn from the highest level in 2016.<\/p>\n\n\n\n

Breaking the $16.20 barrier, near silver futures, would\nprovide bulls with more technical fuel to push prices to the far north,\nincluding the potentially quick challenge of the psychological barrier at\n$17.00. Most importantly, once the $16.20 level is cleared on the upper side,\nthe next long-term resistance levels for silver are low and far apart,\nindicating that a large upside potential will be very possible. Keep in mind\nthat less than 10 years ago, silver kept its price levels above $25.00 an\nounce.<\/p>\n\n\n\n

There are also expectations that the United States and China\nwill reach a trade agreement soon, following the latest pessimistic rhetoric\nfrom both sides. The newly released reports said China was asking the United\nStates to ease restrictions on Huawei, a technology giant. This position has\nput a bit of a disincentive to bulls in the global stock markets, and little\nsupport for the safe haven gold and silver.<\/p>\n\n\n\n

Nymex crude oil prices are trading down strongly, at the\nlowest level in four weeks, around $57.00 a barrel. Meanwhile, the USD index\nremains almost constant.<\/p>\n\n\n\n

Technically, bulls have a near-term technical advantage.\nThere has been a seven-week uptrend on the daily chart. The next target for\nbulls is to produce a close in August futures that would break the resistace\nlevel at June\u2019s $1,442.90 high. For the bears, the next target is pushing\nAugust futures prices down below the strong technical support at a July low of\n$1,384.70. The inintial resistance is seen at today’s high of $1.431.90 and\nthen $1442.90. The first support appears at $1.410.00 and then at $1.400.00.<\/p>\n\n\n\n

September futures bulls have a near-term technical advantage\nand mometum. Silver bulls\u2019 next upside target is to close prices above the\nstrong technical resistance at the highest level of the year, $16.47 an ounce.\nThe next downside price target is to close the pair below the strong support\nlevel at this week’s low of $15.185. The first resistance appears at today’s\nhigh of $16.25 and then at $16.47. The first support appears at the overnight\nlow of $15.96, and then $15.75.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gold and silver prices rise as the week closes Gold prices rose moderately Thursday in the US. August gold futures are set to close $3.80 up, at a five-month high an ounce, of $1.427.00. Silver […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[62,4],"tags":[42,48,24,53,78,56,55,54,38,33,131,41,44,75,91,76,135,45],"_links":{"self":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1305"}],"collection":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/comments?post=1305"}],"version-history":[{"count":1,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1305\/revisions"}],"predecessor-version":[{"id":1308,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1305\/revisions\/1308"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media\/1307"}],"wp:attachment":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media?parent=1305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/categories?post=1305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/tags?post=1305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}