Silver closed higher due to short covering on Tuesday as it consolidated some of last week's decline. The mid range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. If July renews last week's decline, the reaction low crossing at 17.080 is the next downside target. Closes above last Tuesday's high crossing at 18.735 would confirm that a low has been posted. First resistance is last Tuesday's high crossing at 18.735. Second resistance is the reaction high crossing at 18.890. First support is Monday's low crossing at 17.195. Second support is the reaction low crossing at 17.080.
The U.S. Dollar closed lower due to profit taking on Tuesday as it consolidates some of this month's rally. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If June extends this year's rally into uncharted territory, upside targets will now be hard to project. Closes below the 20 day moving average crossing at 86.70 are needed to confirm that a short term top has been posted. First resistance is Monday's high crossing at 88.80. Second resistance is weekly resistance crossing at 89.71. First support is the 10 day moving average crossing at 87.28. Second support is the 20 day moving average crossing at 86.70.
How to Take Money and Emotion Out of The Gold Market
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