Buying interest in safe-haven gold and silver at midweek is being squelched by keener “risk-on” trader and investor mentalities. Helping to lift U.S. and world stock markets this week, President Trump and his administration are on the offensive, saying the U.S. is not headed for economic recession. There are rumors swirling around Washington, D.C., that the Trump administration is considering cutting taxes again. Trump confirmed he is considering tax cuts as a way of keeping the U.S. economy strong.
Trump continues to rail against the , on Wednesday saying if Fed Chairman Powell “would use his head” the Fed would cut interest rates. However, Trump said he did not “demand” that Powell cut U.S. rates.
The European marketplace took in stride the resignation late Tuesday of Italian Prime Minister Giuseppe Conte.
The key “outside markets” today see Nymex crude oil prices weaker trading around $56.00 a barrel. The U.S. dollar index is slightly lower.
Technically, the bulls have the solid overall near-term technical advantage. A 2.5-month-old uptrend is in place on the daily bar chart. There are still no significant, early chart clues to suggest a market top is close at hand. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at the August high of $1,546.10. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at last week’s low of $1,488.90. First resistance is seen at this week’s high of $1,523.60 and then at $1,530.00. First support is seen at this week’s low of $1,503.00 and then at $1,500.00.