Gold Bulls Fading this Week

PRECIOUS METALS

December gold closed higher due to short covering on Thursday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, the 50% retracement level of the May-October rally crossing at 1667.00 is the next downside target. Closes above the 20-day moving average crossing at 1754.10 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1731.60.Second resistance is the 20-day moving average crossing at 1754.10. First support is Wednesday's low crossing at 1698.70. Second support is the 50% retracement level of the May-October rally crossing at 1667.00.

December silver closed higher due to short covering on Thursday as it consolidates some of this month's decline. The high-range close set the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, the 50% retracement level of the June-October rally crossing at 30.850 is the next downside target. Closes above the 20-day moving average crossing at 33.507 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 32.537. Second resistance is the 20-day moving average crossing at 33.506.First support is Wednesday's low crossing at 31.535. Second support is the 50% retracement level of the June-October rally crossing at 30.850.

December copper closed lower on Thursday as it consolidates above the 50% retracement level of the June-September rally crossing at 355.15. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, the 62% retracement level of the June-September rally crossing at 348.30 is the next downside target. Closes above the 20-day moving average crossing at 370.73 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 365.49. Second resistance is
the 20-day moving average crossing at 370.73. First support is the 50% retracement level of the June-September rally crossing at 355.15. Second support is the 62% retracement level of the June-September rally crossing at 348.30.

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