gold silver Gold weaker on surging U.S. dollar, rising U.S. Treasury yields
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The greenback rose sharply as the Euro currency slumped after Russia said it won't reopen its main natural gas pipeline from Russia into Europe. In other news, OPEC-plus decided to cut its collective crude oil production by 100,000 barrels per day starting in October, in an effort to boost prices. The strict Covid lockdowns in China that have weakened the world's second-largest economy. China's central bank on Monday said it would ease monetary policy further by lowering the reserve requirement ratio for banks' foreign exchange reserves.
Technically, October gold futures bears have the solid overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at $1,750.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the July low of $1,686.30. First resistance is seen at today's high of $1,727.00 and then at $1,740.00.
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