(Kitco News) - Gold prices are steady to modestly higher in midday U.S. trading Monday but did overnight hit another record high of $1,997.00, basis October Comex futures. Silver prices are higher. Good safe-haven demand and bullish charts are keeping buying interest keen for the two precious metals. Inflation worries down the road and a slumping U.S. dollar index are also main drivers of the bull market runs in gold and silver. October gold futures were last up $0.20 an ounce at $1,974.10. September Comex silver prices were last up $0.179 at $24.395 an ounce.
Global stock markets were mixed to higher in overnight trading. The U.S. stock indexes are higher at midday. The big news in the business world is weekend reports that U.S. President Trump has given the Chinese company TikTok 45 days to sell its U.S operations, as Trump says TikTok is a national security threat to the U.S. Microsoft said Sunday it plans to by TikToc. This move by the U.S. ratcheted up another notch the U.S.-China strains. That’s bullish for the safe-haven gold and silver markets.
The gold market was probably constrained a bit Monday after the U.S. purchasing managers index (PMI) for July showed a slightly better-than-expected reading of 54.2 in July versus 52.6 in June and the consensus forecast by analysts of 54.0. A reading above 50.0 shows growth in the sector.
Meantime, China’s Caixin PMI was reported Monday and came in at 52.8 in July versus 51.2 in June and a 51.1 reading forecast by analysts. The July number was the best since 2011 and suggests the world’s second-largest economy continues to rebound while at the same time the U.S. economy may be suffering a setback from its recovery from the Covid-19 pandemic lockdowns.
China’s central bank on Monday said it will boost its money supply and total social financing in 2020 compared to 2019, including long-term loans to small businesses and manufacturers.
The Euro zone manufacturing PMI for July was revised up to 51.8 from 47.4 in June and a 51.1. forecast for July.
The key U.S. data point of the week will be Friday’s jobs report for July from the Labor Department. The non-farm payrolls number is forecast to be up by around 1.25 million after rising by 4.8 million in June. However, don’t be surprised to see a miss from the forecasts, to likely move the markets.
The important outside markets today see Nymex crude oil prices higher and trading around $41.00 a barrel. The crude oil market bulls have seen their price uptrend on the daily chart stall out and turn into sideways and choppy trading. The U.S. dollar index is higher on a corrective bounce after hitting a nearly two-year low last week.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, October gold futures bulls still have the strong overall near-term technical advantage, to suggest still more upside in the near term. Prices are in an accelerating two-month-old uptrend on the daily bar chart. Gold bulls' next upside near-term price objective is to produce a close above technical resistance at $2,000.00. Bears' next near-term downside price objective is pushing prices below solid technical support at $1,900.00. First resistance is seen at today’s record high of $1,997.00 and then at $2,000.00. First support is seen at today’s low of $1,963.50 and then at $1,950.00. Wyckoff's Market Rating: 10.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
September silver futures bulls have the solid overall near-term technical advantage. Prices are in a 4.5-month-old uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the July high of $26.275 an ounce. The next downside price objective for the bears is closing prices below solid support at $22.46. First resistance is seen at $25.00 and then at today’s high of $24.275. Next support is seen at $24.00 and then at $23.50. Wyckoff's Market Rating: 9.0.
September N.Y. copper closed up 460 points at 291.45 cents today. Prices closed nearer the session high today and hit a three-week low early on. The copper bulls have the overall near-term technical advantage. However, a 4.5-month-old uptrend on the daily bar chart is in jeopardy. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 300.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 275.00 cents. First resistance is seen at last week’s high of 294.35 cents and then at 297.00 cents. First support is seen at today’s low of 283.10 cents and then at 280.00 cents. Wyckoff's Market Rating: 7.0.
