February gold closed higher due to short covering on Wednesday as it consolidated some of this month’s decline. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold and are turning bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 1693.90 would confirm that a short-term low has been posted. If February extends the decline off November’s high, the 75% retracement level of the May-October rally crossing at 1603.30 is the next downside target. First resistance is the 10-day moving average crossing at 1677.50. Second resistance is the 20-day moving average crossing at 1693.90. First support is the 62% retracement level of the May-October rally crossing at 1638.00. Second support is the 75% retracement level of the May-October rally crossing at 1603.30.
March silver closed higher due to short covering on Wednesday as it consolidated some of this month’s decline. The high-range close set the stage for a steady to higher opening when Thursday’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 March extends the decline off November’s high, the 75% retracement level of the June-October rally crossing at 28 670 is the next downside target. Closes above the 20-day moving average crossing at 32.350 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 31.335. Second resistance is the 20-day moving average crossing at 32.350. First support is last Thursday’s low crossing at 29.635.Second support is the 75% retracement level of the June-October rally crossing at 28 670.
March copper closed higher due to short covering on Wednesday as it consolidated some of this month’s decline. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month’s decline, the reaction low crossing at 349.45 is the next downside target.Closes above the 20-day moving average crossing at 363.61 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 363.61. Second resistance is December’s high crossing at 372.10. First support is last Thursday’s low crossing at 352.30. Second support is the reaction low crossing at 349.45.
