Gold closed sharply lower due to profit taking on Friday and below the 10 day moving average crossing at 1115.00. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral hinting that sideways trading is 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 today's low crossing at 1101.00. Second support is last Friday's low crossing at 1097.30.
Silver closed lower due to profit taking on Friday and below the 10 day moving average crossing at 17.222 signaling that a short term top is in or is near. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 16.922 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 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 20 day moving average crossing at 16.922. Second support is the reaction low crossing at 16.835.
The U.S. Dollar closed higher on Friday and above the 20 day moving average crossing at 80.70 signaling that a short term low has been posted. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near term. If June extends this week's rally, February's high crossing at 81.70 is the next upside target. If June renews Wednesday's decline, the 38% retracement level of the November-February rally crossing at 79.17 is the next downside target. First resistance is today's high crossing at 81.14. Second resistance is February's high crossing at 81.70. 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.
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