Gold closed higher due to short covering on Friday as it consolidated some of the decline off last week's high. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold and are turning neutral hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 1115.40 would confirm that a short term top has been posted. If April extends this week's decline, February's low crossing at 1044.50 is the next downside target. First resistance is the 10 day moving average crossing at 1107.70. Second resistance is the 20 day moving average crossing at 1115.40. First support is Wednesday's low crossing at 1084.80. Second support is February's low crossing at 1044.50.
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Silver closed higher due to short covering on Friday as it consolidated some the decline off last week's high. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If May extends Wednesday's decline, the reaction low crossing at 16.330 is the next downside target. Closes above the 20 day moving average crossing at 17.096 would temper the near term bearish outlook. First resistance is the 20 day moving average crossing at 17.096. Second resistance is the reaction high crossing at 17.600. First support is Wednesday's low crossing at 16.550. Second support is the reaction low crossing at 16.330.
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The U.S. Dollar closed lower due to profit taking on Friday as it consolidated some of this week's rally but remains above February's high crossing at 81.70. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term. If June extends this week's rally, the May 2009 high on the weekly continuation chart crossing at 83.34 is the next upside target. Closes below the 20 day moving average crossing at 80.86 would confirm that a short term top has been posted. First resistance is Thursday's high crossing at 82.52. Second resistance is the May 2009 high on the weekly continuation chart crossing at 83.34. First support is the 10 day moving average crossing at 81.03. Second support is the 20 day moving average crossing at 80.86.
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