October gold closed higher on Tuesday and the high range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If October extends the aforementioned rally, June's high crossing at 1424.00 is the next upside target. Closes below the 20 day moving average crossing at 1325.40 would confirm that a short term top has been posted. First resistance is Monday's high crossing at 1382.40. Second resistance is June's high crossing at 1424.00. First support is the 20 day moving average crossing at 1325.40. Second resistance is the reaction low crossing at 1272.10.
September silver closed lower due to light profit taking on Tuesday as it consolidated some of the rally off June's low. The high range close set the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If September extends the rally off June's low, the 38% retracement level of the September-June decline crossing at 24.704 is the next upside target. Closes below the 20 day moving average crossing at 20.746 are needed to confirm that a short term top has been posted. First resistance is Monday's high crossing at 23.605. Second resistance is the 38% retracement level of the September-June decline crossing at 24.704. First support is the 10 day moving average crossing at 21.703. Second support is the 20 day moving average crossing at 30.746.
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