Gold closed higher on Tuesday and above the 10 day moving average crossing at 1120.60 confirming that a short term low has been posted. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near term. If April extends today'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 today's high crossing at 1128.10. Second resistance is this month's high crossing at 1145.80. First support is last Friday's low crossing at 1097.30. Second support is the reaction low crossing at 1088.50.
Silver closed higher due to short covering on Tuesday and above the 10 day moving average crossing at 17.221. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near term. 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. Closes below the 20 day moving average crossing at 16.758 would confirm that a short term top has been posted. 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 last Thursday's low crossing at 16.835. Second support is the 20 day moving average crossing at 16.758.
The U.S. Dollar closed lower on Tuesday and is challenging the lower boundary of the trading range of the past six weeks, which crosses at 79.92. The mid range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain 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 the reaction low crossing at 79.92. Second support is today's low crossing at 79.85.
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