December 9, 2023

The Queens County Citizen

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Gold price “coiling” indicates a big move soon

Gold price "coiling" indicates a big move soon

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(Kitco News) – – Gold And Silver prices Early US trading was modest on Monday. Gains in metals are occurring despite a good risk appetite in the market to start trading week. Importantly, the recent reversal and volatile price action in gold has produced a bullish coiling pattern on the daily bar chart, indicating that the market will soon be storing energy for the upcoming big price move (probably this week), and the inequality is favorable for price movement upwards. October Gold Futures Finally 70 at $ 3.70 at $ 1,943.20 December Comex Silver Finally.1 0.163 ounces at $ 27.02.

Global stock markets rose mostly overnight. U.S. stock indices open higher when the New York Day session begins. Risk sentiment of traders and investors is excited to start Trading Week. Two major company deals were announced over the weekend: Softbank plans to sell chipmaker ARM to Nvidia for $ 40 billion, and Gilead Sciences Immunomedics for $ 21 billion. At this point, Estrogeneca said it had resumed its third phase trial on the Kovid-19 vaccine after being suspended last week. Pfizer announced that its vaccines could be delivered before the end of the year if all goes well.

Major central bank meetings have been the topic of discussion this week. The Federal Reserve, the Bank of England and the Bank of Japan are holding monetary policy meetings this week. The Fed’s FOMC meeting will look closely after its inflationary limits are eased. The question is how the FOMC will implement its new policy.

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An FXTM analyst said in an email on Monday: “From what we know now, the Fed has been set up to keep interest rates close to zero, perhaps for many years. Under the new framework, any increase in inflation would not translate into an immediate rate hike, as the Fed wants to make up for lost years when it fails to hit the target. The dot platform will be a key guide for investors and traders. If inflation forecasts for the future are at 2% or less, it will strengthen market expectations for a lower rate climate in the coming years. Jay Powell has yet to explain in detail how the new framework will be translated into policy action. ”

Look at the important external markets today US Dollar Index Less. Nymex crude oil prices are weak and are trading at $ 37.00. Yields on the U.S. Treasury 10-year note are trading at 0.67% today.

There are no big U.S. financial data to be released on Monday, but report speed is expected to pick up rapidly on Tuesday.

Technically, gold bulls have a near-term technological advantage to the company, producing a bullish coiling model between the recent volatile and side trading. Prices are still close to the total on the daily bar chart. The Bulls ’next upward price target is to close October futures above solid resistance at 9,992.50 in September. The Bears ’next short-term price target is pushing futures prices above 9,900.00 above technical support. The first resistance was last week high at 9 1,966.60 and then at 9 1,972.40. First support will appear at a low of $ 1,936.20 on Friday and then at 9,925.00. Wycliffe Market Rating: 7.0

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24 Hours Silver Chart Live [ Kitco Inc. ]

December Silver Futures bulls have a near-term technological advantage to the company. Prices on the daily bar chart are still on the rise in overall prices. The Silver Bulls’ next upside was to highs in August.11.11.19 closing prices above solid technical resistance. The bears ’next trouble price target is to close prices lower than solid support at $ 23.80 in August support. The first resistance is seen at $ 27.50 and then last week at $ 27.755. Next support appears at $ 26,565 and last week’s low at $ 25.985. Wycliffe Market Rating: 7.0.

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