Gold closed lower on Wednesday as it consolidates some of the rally off September's low. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that additional strength is possible near term. If December extends the rally off September's low, the 75% retracement level of the 2008-2011 rally crossing at 1826.50 is the next upside target. Closes below the 20 day moving average crossing at 1709.60 would confirm that a short term top has been posted. First resistance is the 75% retracement level of the 2008-2011 rally crossing at 1826.50. Second resistance is the 87% retracement level of the 2008-2011 rally crossing at 1875.10. First support is the 10 day moving average crossing at 1753.90. Second support is the 20 day moving average crossing at 1709.60.
Silver closed lower on Wednesday and below the 10 day moving average crossing at 343.86. The low range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bearish signaling that a short term top might be in or is near. Closes below the reaction low crossing at 32.105 would confirm that a short term top has been posted. If December extends the rally off September's low, the 62% retracement level of the August-September decline crossing at 37.383 is the next upside target. First resistance is last Friday's high crossing at 35.700. Second resistance is the 62% retracement level of the August-September decline crossing at 37.383. First support is the reaction low crossing at 32.105. Second support is the reaction low crossing at 29.935.
Get 4 FREE Trading Videos from INO TV!
No comments:
Post a Comment