(Kitco News) - Gold prices are modestly up and silver prices sharply higher in midday U.S. trading Monday, supported by a slumping U.S. dollar index that dropped to a 2.5-year low today and by at least a few notions the heretofore rallying U.S. stock market is now getting frothy. October gold futures were last up $5.00 at $1,971.80. December Comex silver prices were last up $0.725 at $28.515 an ounce.
Global stock markets were mostly higher overnight. The U.S. stock indexes are mixed at midday, with the Nasdaq and S&P and again hitting record highs. Traders and investors remain in upbeat moods heading into the fall. However, as the calendar turns to September, history shows that the months of September and October can be very unkind to stock market bulls. The pandemic is still seriously gripping parts of the U.S. and the world but hopes are high that a credible vaccine will arrive sooner rather than later. Also, most reckon that major governments will not put their economies on nearly complete lockdown again even if a second wave of the virus hits later this fall.
In overnight news, the official gauge of China's factory activity rose at a slower pace in August that expected. China's official manufacturing purchasing managers' index fell to 51.0 in August from 51.1 in July. The reading was lower than the average forecast of 51.2. However, the August reading was the sixth consecutive month that the index was above the 50 mark that suggests expansion.
The other important outside markets today see Nymex crude oil prices higher and trading around $43.00 a barrel. The yield on the U.S. Treasury 10-year note is trading around 0.7% today.
![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 last week’s high of $1,978.50 and then at $2,000.00. First support is seen at today’s low of $1,955.00 and then at last Friday’s low of $1,921.20. Wyckoff's Market Rating: 7.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
December silver futures bulls have the solid overall near-term technical advantage amid a five-month-old price uptrend in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the August high of $30.19 an ounce. The next downside price objective for the bears is closing prices below solid support at $25.00. First resistance is seen at $28.775 and then at $29.00. Next support is seen at today’s low of $27.79 and then at $27.50. Wyckoff's Market Rating: 8.0.
December N.Y. copper closed up 440 points at 306.35 cents today. Prices closed near the session high today and hit a 28-month high. 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 320.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 290.00 cents. First resistance is seen at 307.50 cents and then at 310.00 cents. First support is seen at today’s low of 302.80 cents and then at 300.00 cents. Wyckoff's Market Rating: 8.5."low" - Google News
August 31, 2020 at 11:29PM
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Gold, silver gain as USDX hits 2.5-year low - Kitco NEWS
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