Gold Market Commentary For Thursday Evening

Gold closed higher due to short covering on Thursday 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 Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If April extends this week's decline, February's low crossing at 1044.50 is the next downside target. Closes above the 20 day moving average crossing at 1116.10 would confirm that a short term top has been posted. First resistance is the 10 day moving average crossing at 1107.40. Second resistance is the 20 day moving average crossing at 1116.10. 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 Thursday as it consolidated some the decline off last week's high. The mid range close sets the stage for a steady opening on Friday. 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 10 day moving average crossing at 17.080 would temper the near term bearish outlook. First resistance is the 10 day moving average crossing at 17.080. 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 higher on Thursday as it extended Wednesday's breakout above February's high crossing at 81.70. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If June extends last 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 80.80 would confirm that a short term top has been posted. First resistance is today's high crossing at 82.48. 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 80.83. Second support is the 20 day moving average crossing at 80.80.

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