Gold Market Commentary For Friday Evening

Gold closed lower on Friday as it extends this week's decline below the 20 day moving average crossing at 1117.10. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If April extends this week's decline, the reaction low crossing at 1088.50 is the next downside target. Closes above Wednesday's high crossing at 1128.30 would temper the near term bearish outlook in the market. First resistance is Wednesday's high crossing at 1128.30. Second resistance is last Wednesday's high crossing at 1145.80. First support is today's low crossing at 1097.30. Second support is the reaction low crossing at 1088.50.

Silver closed lower on Friday and below the 10 day moving average crossing at 17.126 signaling that a short term top has likely been posted. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 16.616 would confirm that a short term top has been posted. 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. First resistance is 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 Thursday's low crossing at 16.835. Second support is the 20 day moving average crossing at 16.616.

The U.S. Dollar closed lower on Friday and is challenging the lower boundary of the trading range of the past five weeks. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near term. Closes below the reaction low crossing at 79.92 are needed to confirm a downside breakout of the aforementioned trading range and would open the door for a larger degree decline into spring. If June renews this winter's rally, weekly resistance crossing at 81.97 is the next upside target. First resistance is the reaction high crossing at 81.70. Second resistance is weekly resistance crossing at 81.97. First support is today's low crossing at 79.95. Second support is the reaction low crossing at 79.92.


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