Gold, Silver and Copper Market Summary For Saturday Dec. 3rd

February gold closed higher on Friday as it extended this week's rally. The mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If February extends this week's rally, November's high crossing at 1806.60 is the next upside target. Closes below last week's low crossing at 1670.50 would renew the decline off this month's high. First resistance is today's high crossing at 1767.10. Second resistance is November's high crossing at 1806.60. First support is last week's low crossing at 1670.50. Second support is the reaction low crossing at 1607.30.

January silver closed slightly lower due to profit taking on Friday as it extended the trading range of the past nine days. The low range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 33.144 would confirm that a short term low has been posted. If January renews the decline off October's high, the reaction low crossing at 30.297 is the next downside target. First resistance is the 20 day moving average crossing at 33.144. Second resistance is the reaction high crossing at 34.795. First support is the reaction low crossing at 30.765. Second support is the reaction low crossing at 30.297.

January copper closed higher on Friday as it extends this week's rally. The mid range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If January extends this week's rally, October's high crossing at 373.05 is the next upside target. Closes below last Friday's low crossing at 323.40 are needed to renew the decline off October's high. First resistance is Wednesday's high crossing at 362.40. Second resistance is October's high crossing at 373.05. First support is last Friday's low crossing at 323.40. Second support is the reaction low crossing at 304.10.

The Currency War Big Picture Analysis for Gold, Silver & Stocks