February gold closed higher on Wednesday extending the rally off last week’s low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If February extends the aforementioned rally, the reaction high crossing at 1432.50 is the next upside target. Closes below the reaction low crossing at 1361.60 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 1414.90. Second support is this month’s high crossing at 1432.50. First support is the reaction low crossing at 1361.60. Second support is the reaction low crossing at 1352.00.
Source: VantagePoint Intermarket Analysis Software
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March silver closed higher on Wednesday and the high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible. If March renews this year’s rally, weekly resistance crossing at 31.987 is the next upside target. Closes below the 20-day moving average crossing at 29.284 are needed to confirm that a short-term top has been posted. First resistance is the reaction high crossing at 30.750. Second resistance is weekly resistance crossing at 31.987. First support is the 20-day moving average crossing at 29.284. Second support is the reaction low crossing at 28.010.
March copper posted an inside day with a lower close on Wednesday as it consolidated some of its recent gains. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month’s rally above weekly resistance crossing at 427.00, upside targets will be hard to project. Closes below the 20-day moving average crossing near 415.21 would confirm that a short-term top has been posted. First resistance is Tuesday’s high crossing at 433.50. First support is the 10-day moving average crossing at 423.44. Second support is the 20-day moving average crossing at 415.21.
