October gold was higher overnight as it extends the rally off July's low. Stochastics and the RSI are overbought, diverging but are neutral to bullish hinting that additional strength is possible near-term. If October extends the rally off July's low, the 87% retracement level of the June-July decline crossing at 1253.30 is the next upside target. Closes below the 20-day moving average crossing at 1213.10 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1244.50. Second resistance is the 87% retracement level of the June-July decline crossing at 1253.30. First support is the 10-day moving average crossing at 1230.20. Second support is the 20-day moving average crossing at 1213.10.

Source: VantagePoint Intermarket Analysis Software

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September silver was higher overnight as it extends this week's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally, June's high crossing at 19.500 is the next upside target. From a broad perspective, September remains locked in this summer's trading range. Closes above 19.865 or below 17.150 are needed to confirm a breakout of this summer's trading range and point the direction of the next trending move. First resistance is the overnight high crossing at 19.105. Second resistance is June's high crossing at 19.500. First support is the 20-day moving average crossing at 18.331. Second support is Tuesday's low crossing at 17.735.

September copper was higher due to short covering overnight as it consolidates some of the decline off this month's high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September extends this month's decline, the 38% retracement level of the June-August rally crossing at 315.51 is the next downside target. Closes above the 20-day moving average crossing at 330.99 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 328.33. Second resistance is the 20-day moving average crossing at 330.99. First support is Wednesday's low crossing at 317.75. Second support is the 38% retracement level of the June-August rally crossing at 315.51.