On Demand

Gold Bulls Fading this Week

by

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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About the Author

JimWyckoff

Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years. He was born and raised in Iowa, where he still resides.

Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another.

Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders.

His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies. He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning.

Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college.

When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.

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