/

Gold, silver see profit-taking as big U.S. data dump just ahead

By Jim Wyckoff

Published:

Sep 03, 2024 - 4:41 PM

Updated:

Sep 03, 2024 - 4:47 PM

Kitco News
The Leading News Source in Precious Metals

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage (often exclusive) of important industry events and analyses of market-affecting developments.

Gold, silver see profit-taking as big U.S. data dump just ahead teaser image

(Kitco News) - Gold prices are weaker and silver prices sharply lower in midday U.S. trading Tuesday. Profit taking and position evening are featured just ahead of a big and busy week of U.S. economic reports. This is also the first U.S. trading day of September, a month that has a history of causing stock and financial market turbulence. Reads a Wall Street Journal headline today: “Markets’ summer vacation is over.” December gold was last down $8.80 at $2,518.70 and December silver was down $0.806 at $27.925.

U.S. stock indexes are solidly lower at midday. This week’s big U.S. data is highlighted by Friday morning’s monthly employment situation report from the Labor Department. Also out this week is the JOLTS report Wednesday.

The key outside markets today see the U.S. dollar index firmer. Nymex crude oil prices are solidly lower, hit a seven-month low and trading around $71.00 a barrel. The benchmark 10-year U.S. Treasury note is presently fetching 3.852%.

Technically, December gold bulls have the solid overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $2,600.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,475.00. First resistance is seen at today’s high of $2,529.50 and then at $2,550.00. First support is seen at today’s low of $2,504.40 and then at $2,500.00. Wyckoff's Market Rating: 8.0.

December silver futures bulls have lost their slight overall near-term technical advantage and are fading. A price uptrend on the daily bar chart has been negated. Silver bulls' next upside price objective is closing prices above solid technical resistance at $30.00. The next downside price objective for the bears is closing prices below solid support at the August low of $26.885. First resistance is seen at $29.00 and then at today’s high of $29.35. Next support is seen at $28.00 and then at $27.50. Wyckoff's Market Rating: 5.0

(Hey! My “Markets Front Burner” weekly email report is my best writing and analysis, I think, because I get to look ahead at the marketplace and do some market price forecasting. Plus, I’ll throw in an educational feature to move you up the ladder of trading/investing success. And it’s free! Sign up here; it’s real easy. https://www.kitco.com/services

Jim Wyckoff

Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York. As a journalist, he has covered every futures market traded in the U.S., at one time or another.

Jim is the proprietor of the "Jim Wyckoff on the Markets" analytical, educational and trading advisory service. Jim also worked as a technical analyst for Dow Jones Newswires and as the senior market analyst with TraderPlanet.com. Jim is also a consultant with the highly respected "Pro Farmer" agricultural advisory service. Jim was also the head equities analyst at CapitalistEdge.com. He received his degree from Iowa State University in Ames, Iowa, where he studied journalism and economics.

Follow Jim daily on Kitco.com as he provides both AM and PM roundups and a daily Technical Special. 1 877 963-NEWS jwyckoff at kitco.com

Tags:

U.S. economic reports gold silver U.S. stock indexes 10-year U.S. Treasury note $TSLA

Share

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

commodities

/

gold

Gold, silver see profit-taking as big U.S. data dump just ahead

By Jim Wyckoff

Kitco News
The Leading News Source in Precious Metals

Jim Wyckoff

Tags:

Share

Silver Squeeze 2.0: Will silver price see the biggest technical breakout in modern market history?

Why gold revaluation charts put prices at $25,000-$55,000 if history rhymes, silver poised for breakout: Crescat Capital Strategist

SilverSqueeze2.0 could trigger a breakout for silver that sees prices challenge $50/oz - Analysts

Wall Street goes full bull with tariffs and payrolls looming, Main Street stays tentative as gold prices push $3,100

The ‘Mar-a-Lago Accord’ is bullish for gold, but not for the reasons you might think

commodities

/

gold

Gold, silver see profit-taking as big U.S. data dump just ahead

By Jim Wyckoff

Kitco NewsThe Leading News Source in Precious Metals

Jim Wyckoff

Tags:

Share

Kitco News
The Leading News Source in Precious Metals