Gold closed lower on Tuesday ending a three day short covering rally off last week's low. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned bullish hinting that a short term low might be in or is near.
Closes above the 20 day moving average crossing at 1133.20 are needed to confirm that a short term low has been posted. If February renews this month's decline, the 38% retracement level of this year's rally crossing at 1032.60 is the next downside target.
First resistance is Monday's high crossing at 1114.50
Second resistance is the 20 day moving average crossing at 1133.20
First support is last Tuesday's low crossing at 1075.20
Second support is the 38% retracement level of this year's rally crossing at 1032.60
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Silver closed sharply lower on Tuesday ending a three day correction off last week's low. Today's decline was attributed to book squaring ahead of year's end and a slight rebound in the Dollar. Additional pressure came from strength in the equity markets. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned bullish hinting that a short term low might be in or is near.
Closes above the 20 day moving average crossing at 17.709 are needed to confirm that a short term low has been posted. If March renews this month's decline, the reaction low crossing at 16.155 is the next downside target.
First resistance is the 20 day moving average crossing at 17.709
Second resistance is this month's high crossing at 19.500
First support is last Tuesday's low crossing at 16.780
Second support is the reaction low crossing at 16.155
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Copper posted an inside day with a lower close due to profit taking on Tuesday as it consolidated recent gains. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.
If March extends the late December rally, the 87% retracement level of the 2008 decline crossing at 347.94 is the next upside target. Closes below the 20 day moving average crossing at 319.52 are needed to confirm that a short term top has been posted.
First resistance is Monday's high crossing at 334.40
Second resistance is the 87% retracement level of the 2008 decline crossing at 347.94
First support is the 20 day moving average crossing at 319.52
Second support is the reaction low crossing at 308.15
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