(Kitco News) - Gold and silver futures markets are weaker in midday U.S. trading Monday. The early gains in the metals today could not hold amid global risk appetite that is keener to start the trading week. October gold futures were last down $8.10 an ounce at $1,930.20. September Comex silver prices were last down $0.027 at $26.705 an ounce.
Global stock markets were higher overnight. The U.S. stock indexes are solidly higher at midday, including the S&P 500 and Nasdaq hitting new record highs. Risk appetite is upbeat despite two tropical storms brewing in the Gulf of Mexico and wildfires raging in California and Colorado.
President Trump on Sunday announced an emergency authorization for the use of recovered Covid-19 patient blood plasma to fight off the virus. The global stock markets may have gotten a slight lift from this news.
Meantime, markets are looking past a comment Trump made to Fox News over the weekend that the U.S. does not need to do business with China. China and the U.S. appear to be moving along with their “Phase 1” trade agreement reached in January, with China buying U.S. agricultural products at a steady pace. Reports from Asia said major flooding in China in recent weeks has destroyed large tracts of crop land that will keep China on a hefty food import pace.
Traders and investors are looking forward to two big events this week: the U.S. Republican national convention in which President Trump will accept his party’s nomination, and the annual Federal Reserve Symposium that has been traditionally held in Jackson Hole, Wyoming but this year will be virtual. Fed Chairman Jerome Powell is scheduled to speak late this week during the event.
The important outside markets today see Nymex crude oil prices firmer and trading around $42.65 a barrel. The U.S. dollar index is slightly lower at midday and not far above its recent two-year low.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, October gold futures bulls have the firm overall near-term technical advantage. Prices are still in a five-month-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in October futures above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the August low of $1,865.00. First resistance is seen at today’s high of $1,961.90 and then at $1,975.00. First support is seen at last week’s low of $1,909.60 and then at $1,900.00. Wyckoff's Market Rating: 7.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
September silver futures bulls have the firm overall near-term technical advantage amid a five-month-old price uptrend in place on the daily bar chart. A bullish symmetrical triangle pattern has also formed on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the August high of $29.915 an ounce. The next downside price objective for the bears is closing prices below solid support at $25.00. First resistance is seen at today’s high of $27.34 and then at $28.00. Next support is seen at $26.095 and then at $26.00. Wyckoff's Market Rating: 7.5.
September N.Y. copper closed up 45 points at 292.20 cents today. Prices closed nearer the session low today. The copper bulls have the solid overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 310.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the August low of 276.90 cents. First resistance is seen at 300.00 cents and then at the August high of 302.95 cents. First support is seen at 290.00 cents and then at 285.00 cents. Wyckoff's Market Rating: 8.0.
