Early on Tuesday’s trading session in the US markets, gold and silver prices fell, with silver reaching its lowest level in two and a half years. Meanwhile, the US dollar saw gains in the foreign exchange market, rising despite global trade tensions, which signaled an imminent trade war.<\/p>\n
Gold futures for December fell by $7.40 to trade at $1,199 per ounce. Silver for December fell by $0.378 to trade at $14.17 an ounce.<\/p>\n
Global stock markets have also fallen on the back of global fears of an imminent trade war, especially after US President Donald Trump threatened over the weekend to exclude Canada from the recently agreed trade agreement between the United States and Mexico.<\/p>\n
Disturbing economic growth, which is beset by trade tensions, is known to lead to a drop in the demand for precious metals directly and help to boost the US dollar denominated in these metals.<\/p>\n
As markets enter September and October, especially with the summer holiday season coming to an end, investors return to trading more seriously. If secondary currency markets continue to fall against the dollar, this may create some safe haven demand for gold and silver due to fears that the currency market will be affected.<\/p>\n
It should be noted here that the major foreign markets today are witnessing the rise of the US dollar index as the US currency continues to advance on the global secondary currencies.\u00a0 Meanwhile, Nymex crude prices rose slightly but were far from overnight highs, with prices rising to their highest level in more than three months, amid fears of an imminent hurricane in the Gulf of Mexico, which has led to the closure of some US crude oil production plants for a period of time.<\/p>\n
Technically, traders have a strong technical advantage in the near term. The next bullish target for the near-term gold rally is to close the December futures contract above the strong resistance at last week’s high of $1,220. The next short-term break target is pushing prices below the strong technical support at the August low of $1,167. The first resistance appears at the day’s high of $1,209 and then the highest at $1,214 on Friday.<\/p>\n
December silver futures traders have a strong technical advantage in the near term and have gained more strength during today’s trading. The next bullish target is the silver price close above the strong technical resistance at last week’s high of $15.07 an ounce. The next target for the price decline is to close prices below the strong support at $14.00. Initial resistance is seen at $14.405 and then the day’s high at $14.59.<\/p>\n","protected":false},"excerpt":{"rendered":"
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