Mid Week Precious Metals Market Summary for Wednesday July 16th GLD SLV

August gold closed slightly higher on Wednesday as it consolidates some of this week's decline. The mid range close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If August extends this week's decline, the reaction low crossing at 1258.00 is the next downside target. Closes above the 10 day moving average crossing at 1318.80 would confirm that a short term low has been posted. First resistance is last Thursday's high crossing at 1336.80. Second resistance is the 75% retracement level of the March-June decline crossing at 1354.40. First support is Tuesday's low crossing at 1292.60. Second support is the reaction low crossing at 1258.00.

September silver closed lower on Wednesday as it extends this week's decline below the 20 day moving average. The mid range close set the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. If September extends this week's decline, the reaction low crossing at 19.490 is the next downside target. Closes above the 10 day moving average crossing at 21.107 would temper the bearish outlook. First resistance is the reaction high crossing at 21.790. Second resistance is February's high crossing at 22.160. First support is today's low crossing at 20.630. Second support is the reaction low crossing at 19.490.

September copper closed lower on Wednesday breaking to the downside of last week's trading range. The low range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 320.04 would confirm that a short term top has been posted. If September resumes the rally off June's low, February's high crossing at 329.38 is the next upside target. First resistance is Monday's high crossing at 329.45. Second resistance is January's high crossing at 338.05. First support is the 20 day moving average crossing at 320.04. Second support is the reaction low crossing at 312.30.

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