Gold closed higher on Thursday as it extends this week's rally above the 10 day moving average. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near term. If April extends this week's rally, this month's high crossing at 1145.80 is the next upside target. Closes below last Friday's low crossing at 1097.30 would temper the near term bullish outlook in the market. First resistance is Wednesday's high crossing at 1133.90. Second resistance is this month's high crossing at 1145.80. First support is the 20 day moving average crossing at 1118.60. Second support is last Friday's low crossing at 1097.30.
Silver closed lower due to profit taking on Thursday as it consolidates some of this week's rally. The mid range close sets the stage for a steady opening on Friday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term. If May renews the rally off February's low, the 75% retracement level of the aforementioned decline crossing at 18.293 is the next upside target. Closes below the 20 day moving average crossing at 16.895 would confirm that a short term top has been posted. First resistance is last Wednesday's high crossing at 17.665. Second resistance is the 75% retracement level of the December-February decline crossing at 18.293. First support is the 10 day moving average crossing at 17.265. Second support is the 20 day moving average crossing at 16.895.
The U.S. Dollar closed higher on Thursday as it consolidates some of this week's decline while renewing the late winter trading range. The dollar rose sharply due to dealer talk that the Federal Reserve would raise the discount interest rate. Today's chatter among traders reflected fears that the Feb may raise interest rates sooner than later. Additional support came from renewed concerns over Greece's debt concerns. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If June extends this week's decline, the 38% retracement level of the November-February rally crossing at 79.17 is the next downside target. Closes above the 20 day moving average crossing at 80.70 would temper the near term bearish outlook. First resistance is the 20 day moving average crossing at 80.70. Second resistance is the reaction high crossing at 81.20. First support is Wednesday's low crossing at 79.73. Second support is the 38% retracement level of the November-February rally crossing at 79.17.
Great Educational Video "Double Tops and Pivot Points Explained"
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