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Gold Bulls Working To Stabilize Market

Ana Vaughn by Ana Vaughn
May 21, 2019
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(Kitco News) – Gold prices are near steady in early-morning U.S. trading Monday, as the bulls are trying to “right the ship” following the strong selling pressure seen late last week. Working in the precious metals bulls’ favor to start the trading week is a weaker U.S. dollar index and lower U.S. stock index prices. June gold futures were last up $0.40 an ounce at $1,276.10. July Comex silver prices hit another 5.5-month low overnight and were last up $0.012 at $14.40 an ounce.

Gold prices lost around $35.00 in value last Thursday and Friday, producing some near-term technical damage. Bulls need to stabilize their market early this week to avoid a solid, fresh leg down in prices from occurring.

World stock markets were mostly weaker overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins. The U.S.-China trade war drags on, with any agreement between the two largest economies in the world not seen imminent. This matter will likely continue to be a drag on world stock markets until it’s come to a successful conclusion.

In overnight news, the German Bundesbank reported it expects Germany’s economy to stagnate in the second quarter of this year. Germany’s economy is the workhorse of the European Union.

In other news, Australia’s conservative government got a surprising victory in weekend national elections. And India’s Prime Minister Modi has likely won re-election over the weekend, according to exit polls.

The key “outside markets” today see the U.S. dollar index near steady. Meantime, Nymex crude oil prices are also trading around unchanged and just below $63.00 a barrel.

U.S. economic data due for release Monday is light and includes the Chicago Fed national activity index.

Technically, the gold bears have gained the slight overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at $1,300.00. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at the May low of $1,267.30. First resistance is seen at $1,280.00 and then at $1,285.00. First support is seen at the overnight low of $1,273.30 and then at $1,270.00. Wyckoff’s Market Rating: 4.5
July silver futures bears have the solid overall near-term technical advantage. Prices are in a three-month-old downtrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $15.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the November low of $14.175. First resistance is seen at Friday’s high of $14.555 and then at $14.75. Next support is seen at the overnight low of $14.355 and then at $14.30. Wyckoff’s Market Rating: 2.0.

What do you think you need more than anything else to attract more of your ideal clients?

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Others will say, “more motivation and drive to implement what I already know.”

Another common answer is “more time to fit marketing activities into my schedule.”

And lots of people will say, “I need better goals and more clarity about what I want to achieve.”

In writing this ezine/blog for the past 20 years, I’ve talked about the importance of all of those.

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Over the past year, I’ve been a big advocate of the writings of James Clear. He writes a blog about success and habits. And he just came out with his first book, Atomic Habits, which is fantastic.

Even though James isn’t a marketing expert, I’m convinced he’s right when he says that the ultimate determinant of success is building positive habits.

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Ana Vaughn

Ana Vaughn

Zombie buff. Extreme travel aficionado. Creator. Subtly charming twitter nerd. Introvert.Spent several years exporting country music in Naples, FL. Spent a weekend building squirt guns in Mexico. Developed several new methods for managing jungle gyms on the black market. Spent the 80's investing in Slinkies in the aftermarket. At the moment I'm researching Roombas for the government. A real dynamo when it comes to promoting etch-a-sketches on the black market.

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