Gold Market Commentary For Wednesday Evening

Gold closed sharply lower on Wednesday as it extends the decline off last week's high. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. Today's close below the reaction low crossing at 1097.30 opens the door for a possible test of February's low crossing at 1044.50 later this spring. Closes above the 20 day moving average crossing at 1116.70 would confirm that a short term top has been posted. First resistance is the 10 day moving average crossing at 1108.60. Second resistance is the 20 day moving average crossing at 1116.70. First support is today's low crossing at 1084.80. Second support is February's low crossing at 1044.50.

Just click here for your FREE trend analysis of gold ETF GLD

Silver closed sharply lower on Wednesday as it extended the decline off last week's high. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If May extends today's decline, the reaction low crossing at 16.330 is the next downside target. Closes above the 10 day moving average crossing at 17.122 would temper the near term bearish outlook. First resistance is the 10 day moving average crossing at 17.122. Second resistance is the reaction high crossing at 17.600. First support is today's low crossing at 16.550. Second support is the reaction low crossing at 16.330.

Just click here for your FREE trend analysis of silver ETF SLV


The U.S. Dollar closed sharply higher on Wednesday as worries over sovereign debt in Europe triggered today's rally. The high range close sets the stage for a steady to higher opening on Thursday. 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 10 day moving average crossing at 80.65 would confirm that a short term top has been posted. First resistance is today's high crossing at 82.19. Second resistance is the May 2009 high on the weekly continuation chart crossing at 83.34. First support is the 20 day moving average crossing at 80.73. Second support is the 10 day moving average crossing at 80.65.

MarketClub Alerts in Action and Explained

Share