April gold closed lower on Thursday extending this week’s decline. 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 bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off January’s high, January’s low crossing at 1627.90 is the next downside target. Closes above the 20-day moving average crossing at 1668.80 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1668.80. Second resistance is the October-November downtrend line crossing near 1686.70. First support is January’s low crossing at 1627.90. Second support is the 75% retracement level of the May-October rally crossing at 1604.60.
March silver closed lower on Thursday as it extends this week’s decline. The low-range close set the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If March extends this week’s decline, January’s low crossing at 29.240 is the next downside target. Closes above the 20-day moving average crossing at 31.515 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 31.515. Second resistance is January’s high crossing at 32.485. First support is today’s low crossing at 30.210. Second support is January’s low crossing at 29.240.
March copper closed slightly higher on Thursday and 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 neutral signaling that sideways trading is possible near-term. Closes below the 20-day moving average crossing at 371.98 are needed to confirm that a short-term top has been posted. If March renews the rally off November’s low, October’s high crossing at 382.90 is the next upside target. First resistance is this month’s high crossing at 379.25. Second resistance is October’s high crossing at 382.90. First support is the 20-day moving average crossing at 371.98. Second support is the reaction low crossing at 364.05.
