Gold Market Commentary For Thursday Evening

Gold closed higher due to short covering on Thursday but remains below the 20 day moving average crossing at 1116.80. 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 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 1100.50. Second support is the reaction low crossing at 1088.50.

Silver closed higher due to short covering on Thursday as it consolidated some of Wednesday's decline. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought and are turning bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 16.544 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 today's low crossing at 16.835. Second support is the 20 day moving average crossing at 16.544.

The U.S. Dollar closed lower on Thursday as it extends the trading range of the past five weeks. The low range close sets the stage for a steady to lower opening on Friday. 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 last Wednesday's low crossing at 80.14. Second support is the reaction low crossing at 79.92.


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