Gold Market Commentary For Friday Morning

Gold was lower overnight as it consolidates some of this week's rally but remains above the 20 day moving average crossing at 1139.00. 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 1139.00 are needed to confirm that a short term top has been posted. If June renews the rally off March's low, the 75% retracement level of the December-February decline crossing at 1184.00 is the next upside target. First resistance is the 10 day moving average crossing at 1147.90. Second resistance is last Monday's high crossing at 1170.70. First support is Monday's low crossing at 1124.30. Second support is the reaction low crossing at 1102.40.

Silver was lower overnight as it consolidates some of this week's rally. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. Closes below Monday's low crossing at 17.490 would confirm that a short term top has been posted. If May renews the rally off February's low, the 87% retracement level of the December-February decline crossing at 18.893 is the next upside target. First resistance is Thursday's high crossing at 18.170. Second resistance is last Monday's high crossing at 18.605. First support is the February-March uptrend line crossing near 17.630. Second support is Monday's low crossing at 17.490.

The U.S. Dollar was higher overnight as it extends the rally off last week's low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If June extends this week's rally, March's high crossing at 82.52 is the next upside target. Closes below the 10 day moving average crossing at 81.00 are needed to confirm that a short term top has been posted. First resistance is the overnight high crossing at 82.20. Second resistance is March's high crossing at 82.52. First support is the 20 day moving average crossing at 81.23. Second support is the 10 day moving average crossing at 81.00.


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Gold Market Commentary For Tuesday Evening

Gold futures closed up $4.70 at $1,140.50 today. Prices closed near mid-range today and saw a corrective bounce from selling pressure last Friday and on Monday. Higher crude oil prices added to buying interest in gold today. Uncertainty regarding the Goldman Sachs fraud charges from the SEC seem to have abated a bit, which also supported buying interest in gold today. No serious chart damage has occurred in gold, but the bulls need to show more power soon to keep the uptrend on the daily chart in place.

Silver futures closed up 11.9 cents at $17.85 an ounce today. Prices closed near mid-range today. The key "outside markets" were in a mostly bullish posture for silver today, as the U.S. dollar index was near steady, while crude oil and the U.S. stock indexes were higher. Silver bulls have the overall near term technical advantage. Prices are in a 2 1/2 month old uptrend on the daily bar chart.

The U.S. dollar index closed up 3 points at 81.13 today. Prices closed nearer the session high today in quieter trading. The bulls have the overall near term technical advantage. Bulls' next upside price objective is to close prices above solid technical resistance at the April high of 82.06.

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Gold Signals Overbought Condition, Remains Neutral to Bullish

Gold was lower due to profit taking overnight as it consolidates some of the rally off March's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If June extends the aforementioned rally, the 75% retracement level of the December-February decline crossing at 1184.00 is the next upside target. Closes below the 20 day moving average crossing at 1124.60 are needed to confirm that a short term top has been posted. First resistance is Monday's high crossing at 1170.70. Second resistance is the 75% retracement level of the December-February decline crossing at 1184.00. First support is the 10 day moving average crossing at 1140.00. Second support is the 20 day moving average crossing at 1124.60.

Silver was lower due to profit taking overnight as it consolidates some of the rally off February's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If May extends the rally off February's low, the 87% retracement level of the December-February decline crossing at 18.893 is the next upside target. Closes below the 20 day moving average crossing at 17.550 would temper the near term friendly outlook. First resistance is Monday's high crossing at 18.605. Second resistance is the 87% retracement level of the December-February decline crossing at 18.893. First support is the 10 day moving average crossing at 18.005. Second support is the 20 day moving average crossing at 17.550.

The U.S. Dollar was lower overnight as it extends the decline off March's high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. Closes below the reaction low crossing at 80.52 would confirm that a short term top has been posted while opening the door for a possible test of March's low crossing at 79.73 later this spring. Closes above last Thursday's high crossing at 82.06 are needed to confirm that a short term low has been posted. First resistance is Monday's gap crossing at 81.01. Second resistance is the 10 day moving average crossing at 81.24. First support is Monday's low crossing at 80.22. Second support is March's low crossing at 79.73.


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Gold Market Commentary For Monday Morning

Gold was higher overnight as it extends the rally off March's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If June extends the aforementioned rally, the 75% retracement level of the December-February decline crossing at 1184.00 is the next upside target. Closes below the 20 day moving average crossing at 1122.40 are needed to confirm that a short term top has been posted. First resistance is the overnight high crossing at 1170.70. Second resistance is the 75% retracement level of the December-February decline crossing at 1184.00. First support is the 10 day moving average crossing at 1136.00. Second support is the 20 day moving average crossing at 1122.40.

Silver was higher overnight as it extends the rally off February's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If May extends the rally off February's low, the 87% retracement level of the December-February decline crossing at 18.893 is the next upside target. Closes below the 20 day moving average crossing at 17.502 would temper the near term friendly outlook. First resistance is the overnight high crossing at 18.605. Second resistance is the 87% retracement level of the December-February decline crossing at 18.893. First support is the 10 day moving average crossing at 17.936. Second support is the 20 day moving average crossing at 17.502.

The U.S. Dollar gapped down and was lower overnight as it extends the decline off March's high. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. Closes below the reaction low crossing at 80.52 would confirm that a short term top has been posted while opening the door for a possible test of March's low crossing at 79.73 later this spring. Closes above last Thursday's high crossing at 82.06 are needed to confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 81.24. Second resistance is the 10 day moving average crossing at 81.35. First support is the overnight low crossing at 80.22. Second support is March's low crossing at 79.73.


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Gold Market Commentary For Wednesday Evening

Gold closed higher on Wednesday and above March's high crossing at 1146.60. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If June extends this rally, January's high crossing at 1164.10 is the next upside target. Closes below the 20 day moving average crossing at 1114.30 would confirm that a short term top has been posted. First resistance is today's high crossing at 1154.20. Second resistance is January's high crossing at 1164.10. First support is the 20 day moving average crossing at 1114.30. Second support is March's low crossing at 1084.80.

Silver closed higher on Wednesday as it extends the rally off February's low. The mid range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If May extends this rally, the 75% retracement level of the December-February decline crossing at 18.291 is the next upside target. Closes below the 20 day moving average crossing at 17.311 would confirm that a short term top has been posted. First resistance is today's high crossing at 18.145. Second resistance is the 75% retracement level of the December-February decline crossing at 18.291. First support is the 10 day moving average crossing at 17.460. Second support is the 20 day moving average crossing at 17.311.

The U.S. Dollar closed higher due to short covering on Wednesday as it consolidated some of last week's decline but remains below the 10 day moving average crossing at 81.59. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. Closes below last week's low crossing at 80.52 are needed to confirm that a short term top has been posted. If June renews this winter's rally, the May 2009 high on the weekly continuation chart crossing at 83.34 is the next upside target. First resistance is March's high crossing at 82.52. Second resistance is the May 2009 high on the weekly continuation chart crossing at 83.34. First support is the 20 day moving average crossing at 81.12. Second support is last Thursday's low crossing at 80.52.


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Gold Market Commentary For Thursday Evening

Gold futures closed up $12.70 at $1,127.20 today. Prices again closed nearer the session high today and hit another two week high today. Short covering and fresh speculative buying interest were featured today. The market was also supported by a lower U.S. dollar index and higher crude oil futures prices today. Bulls this week have gained good upside near term technical momentum. Bulls have the near term technical advantage.

Silver futures closed up 36.4 cents at $17.89 an ounce today. Prices closed nearer the session high today and hit a fresh 2.5 month high. The key "outside markets" were in a bullish posture for silver today, as the U.S. dollar index was lower, while crude oil and U.S. stock index futures prices were higher. Silver bulls have the near term technical advantage, and have gained fresh upside near term technical momentum this week.

The U.S. dollar index closed down 36 points at 80.93 today. Prices closed near the session low again today and closed at a bearish weekly low close. No serious chart damage has occurred but the bulls have faded this week on profit taking pressure. The bulls do still have the overall near term technical advantage.


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Gold Market Commentary For Monday Evening

Gold futures closed up $6.10 at $1,111.50 today. Prices closed near mid range today and were supported by a weaker U.S. dollar index and sharply higher crude oil prices. More short covering and fresh speculative buying interest supported gold today. However, prices are still in a four week old downtrend on the daily bar chart.

Silver futures closed up 46.4 cents at $17.37 an ounce today. Prices closed near the session high today and were supported on short covering and fresh speculative buying interest amid the weaker U.S. dollar, sharply higher crude oil prices and firmer U.S. stock index futures. Bulls have regained the slight near term technical advantage in silver.

The U.S. dollar index closed down 40 points at 81.57 today. Prices closed nearer the session low today on profit taking pressure from recent gains. The bulls still have the solid overall near term technical advantage. Bulls' next upside price objective is to close prices above solid technical resistance at 83.00.

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Gold Market Commentary For Thursday Evening

Gold closed higher due to short covering on Thursday as it consolidated some of the decline off last week's high. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If April extends this week's decline, February's low crossing at 1044.50 is the next downside target. Closes above the 20 day moving average crossing at 1116.10 would confirm that a short term top has been posted. First resistance is the 10 day moving average crossing at 1107.40. Second resistance is the 20 day moving average crossing at 1116.10. First support is Wednesday's low crossing at 1084.80. Second support is February's low crossing at 1044.50.

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Silver closed higher due to short covering on Thursday as it consolidated some the decline off last week's high. The mid range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If May extends Wednesday's decline, the reaction low crossing at 16.330 is the next downside target. Closes above the 10 day moving average crossing at 17.080 would temper the near term bearish outlook. First resistance is the 10 day moving average crossing at 17.080. Second resistance is the reaction high crossing at 17.600. First support is Wednesday's low crossing at 16.550. Second support is the reaction low crossing at 16.330.

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The U.S. Dollar closed higher on Thursday as it extended Wednesday's breakout above February's high crossing at 81.70. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If June extends last week's rally, the May 2009 high on the weekly continuation chart crossing at 83.34 is the next upside target. Closes below the 20 day moving average crossing at 80.80 would confirm that a short term top has been posted. First resistance is today's high crossing at 82.48. Second resistance is the May 2009 high on the weekly continuation chart crossing at 83.34. First support is the 10 day moving average crossing at 80.83. Second support is the 20 day moving average crossing at 80.80.

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Gold in US Dollars Correlated to US Sovereign Debt.....The fundamentals supporting the long term trend.




The "Super Cycle" in Gold and How It Will Affect Your Pocketbook in 2010


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Gold Market Commentary For Wednesday Evening

Gold closed sharply lower on Wednesday as it extends the decline off last week's high. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. Today's close below the reaction low crossing at 1097.30 opens the door for a possible test of February's low crossing at 1044.50 later this spring. Closes above the 20 day moving average crossing at 1116.70 would confirm that a short term top has been posted. First resistance is the 10 day moving average crossing at 1108.60. Second resistance is the 20 day moving average crossing at 1116.70. First support is today's low crossing at 1084.80. Second support is February's low crossing at 1044.50.

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Silver closed sharply lower on Wednesday as it extended the decline off last week's high. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If May extends today's decline, the reaction low crossing at 16.330 is the next downside target. Closes above the 10 day moving average crossing at 17.122 would temper the near term bearish outlook. First resistance is the 10 day moving average crossing at 17.122. Second resistance is the reaction high crossing at 17.600. First support is today's low crossing at 16.550. Second support is the reaction low crossing at 16.330.

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The U.S. Dollar closed sharply higher on Wednesday as worries over sovereign debt in Europe triggered today's rally. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If June extends last week's rally, the May 2009 high on the weekly continuation chart crossing at 83.34 is the next upside target. Closes below the 10 day moving average crossing at 80.65 would confirm that a short term top has been posted. First resistance is today's high crossing at 82.19. Second resistance is the May 2009 high on the weekly continuation chart crossing at 83.34. First support is the 20 day moving average crossing at 80.73. Second support is the 10 day moving average crossing at 80.65.

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Gold Market Commentary For Monday Evening

Gold closed lower on Monday as it extends last Friday's decline. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term. Closes below the reaction low crossing at 1097.30 would open the door for a larger degree decline into the last half of March. Closes above the 20 day moving average crossing at 1117.30 would temper the near term bearish outlook. First resistance is the 20 day moving average crossing at 1117.30. Second resistance is last Wednesday's high crossing at 1133.90. First support is the reaction low crossing at 1097.30. Second support is today's low crossing at 1092.10.

Silver closed lower due to profit taking on Monday and below the 20 day moving average crossing at 16.958 signaling that a short term top is in or is near. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are diverging and have turned bearish signaling that sideways to lower prices are possible near term. If May extends today's decline, the reaction low crossing at 16.330 is the next downside target. Closes above the 10 day moving average crossing at 17.194 would temper the near term bearish outlook. First resistance is the 10 day moving average crossing at 17.194. Second resistance is the reaction high crossing at 17.600. First support is today's low crossing at 16.620. Second support is the reaction low crossing at 16.330.

The U.S. Dollar closed lower due to profit taking on Monday but remains above the 20 day moving average crossing at 80.70. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near term. If June extends last week's rally, February's high crossing at 81.70 is the next upside target. If June renews this month's decline, the 38% retracement level of the November-February rally crossing at 79.17 is the next downside target. First resistance is today's high crossing at 81.35. Second resistance is February's high crossing at 81.70. First support is the 20 day moving average crossing at 80.70. Second support is the 10 day moving average crossing at 80.49.


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Gold Market Commentary For Friday Evening

Gold closed sharply lower due to profit taking on Friday and below the 10 day moving average crossing at 1115.00. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral hinting that sideways trading is possible near term. If April extends this week's rally, this month's high crossing at 1145.80 is the next upside target. Closes below last Friday's low crossing at 1097.30 would temper the near term bullish outlook in the market. First resistance is Wednesday's high crossing at 1133.90. Second resistance is this month's high crossing at 1145.80. First support is today's low crossing at 1101.00. Second support is last Friday's low crossing at 1097.30.

Silver closed lower due to profit taking on Friday and below the 10 day moving average crossing at 17.222 signaling that a short term top is in or is near. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 16.922 would confirm that a short term top has been posted. If May renews the rally off February's low, the 75% retracement level of the aforementioned decline crossing at 18.293 is the next upside target. First resistance is last Wednesday's high crossing at 17.665. Second resistance is the 75% retracement level of the December-February decline crossing at 18.293. First support is the 20 day moving average crossing at 16.922. Second support is the reaction low crossing at 16.835.

The U.S. Dollar closed higher on Friday and above the 20 day moving average crossing at 80.70 signaling that a short term low has been posted. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near term. If June extends this week's rally, February's high crossing at 81.70 is the next upside target. If June renews Wednesday's decline, the 38% retracement level of the November-February rally crossing at 79.17 is the next downside target. First resistance is today's high crossing at 81.14. Second resistance is February's high crossing at 81.70. First support is Wednesday's low crossing at 79.73. Second support is the 38% retracement level of the November-February rally crossing at 79.17.


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Dennis Gartman: Bullish on Gold

Dennis Gartman, author of the Gartman Letter, talks gold, the U.S. dollar and his outlook.




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Gold Market Commentary For Monday Evening

Gold closed higher due to short covering on Monday as it consolidates some of last week's decline but remains below the 20 day moving average crossing at 1117.90. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If April extends last week's decline, the reaction low crossing at 1088.50 is the next downside target. Closes above last Wednesday's high crossing at 1128.30 would temper the near term bearish outlook in the market. First resistance is the 20 day moving average crossing at 1117.90. Second resistance is last Wednesday's high crossing at 1128.30. First support is last Friday's low crossing at 1097.30. Second support is the reaction low crossing at 1088.50.

Silver closed slightly higher due to short covering on Monday but remains below the 10 day moving average crossing at 17.189. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 16.698 would confirm that a short term top has been posted. If May renews the rally off February's low, the 75% retracement level of the aforementioned decline crossing at 18.293 is the next upside target. First resistance is last Wednesday's high crossing at 17.665. Second resistance is the 75% retracement level of the December-February decline crossing at 18.293. First support is last Thursday's low crossing at 16.835. Second support is the 20 day moving average crossing at 16.698.

The U.S. Dollar closed higher on Monday as it rebounds off the lower boundary of the trading range of the past six weeks. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near term. Closes below the reaction low crossing at 79.92 are needed to confirm a downside breakout of the aforementioned trading range and would open the door for a larger degree decline into spring. If June renews this winter's rally, weekly resistance crossing at 81.97 is the next upside target. First resistance is the reaction high crossing at 81.70. Second resistance is weekly resistance crossing at 81.97. First support is last Friday's low crossing at 79.95. Second support is the reaction low crossing at 79.92.

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Gold Market Commentary For Friday Evening

Gold closed lower on Friday as it extends this week's decline below the 20 day moving average crossing at 1117.10. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If April extends this week's decline, the reaction low crossing at 1088.50 is the next downside target. Closes above Wednesday's high crossing at 1128.30 would temper the near term bearish outlook in the market. First resistance is Wednesday's high crossing at 1128.30. Second resistance is last Wednesday's high crossing at 1145.80. First support is today's low crossing at 1097.30. Second support is the reaction low crossing at 1088.50.

Silver closed lower on Friday and below the 10 day moving average crossing at 17.126 signaling that a short term top has likely been posted. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 16.616 would confirm that a short term top has been posted. If May renews the rally off February's low, the 75% retracement level of the aforementioned decline crossing at 18.293 is the next upside target. First resistance is Wednesday's high crossing at 17.665. Second resistance is the 75% retracement level of the December-February decline crossing at 18.293. First support is Thursday's low crossing at 16.835. Second support is the 20 day moving average crossing at 16.616.

The U.S. Dollar closed lower on Friday and is challenging the lower boundary of the trading range of the past five weeks. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near term. Closes below the reaction low crossing at 79.92 are needed to confirm a downside breakout of the aforementioned trading range and would open the door for a larger degree decline into spring. If June renews this winter's rally, weekly resistance crossing at 81.97 is the next upside target. First resistance is the reaction high crossing at 81.70. Second resistance is weekly resistance crossing at 81.97. First support is today's low crossing at 79.95. Second support is the reaction low crossing at 79.92.


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Gold Market Commentary For Thursday Evening

Gold closed higher due to short covering on Thursday but remains below the 20 day moving average crossing at 1116.80. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If April extends this week's decline, the reaction low crossing at 1088.50 is the next downside target. Closes above Wednesday's high crossing at 1128.30 would temper the near term bearish outlook in the market. First resistance is Wednesday's high crossing at 1128.30. Second resistance is last Wednesday's high crossing at 1145.80. First support is today's low crossing at 1100.50. Second support is the reaction low crossing at 1088.50.

Silver closed higher due to short covering on Thursday as it consolidated some of Wednesday's decline. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought and are turning bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 16.544 would confirm that a short term top has been posted. If May renews the rally off February's low, the 75% retracement level of the aforementioned decline crossing at 18.293 is the next upside target. First resistance is Wednesday's high crossing at 17.665. Second resistance is the 75% retracement level of the December-February decline crossing at 18.293. First support is today's low crossing at 16.835. Second support is the 20 day moving average crossing at 16.544.

The U.S. Dollar closed lower on Thursday as it extends the trading range of the past five weeks. The low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near term. Closes below the reaction low crossing at 79.92 are needed to confirm a downside breakout of the aforementioned trading range and would open the door for a larger degree decline into spring. If June renews this winter's rally, weekly resistance crossing at 81.97 is the next upside target. First resistance is the reaction high crossing at 81.70. Second resistance is weekly resistance crossing at 81.97. First support is last Wednesday's low crossing at 80.14. Second support is the reaction low crossing at 79.92.


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Gold Market Commentary For Wednesday Evening

Gold closed lower on Wednesday and below the 20 day moving average crossing at 1115.00 confirming that a short term top has been posted. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If April extends today's decline, the reaction low crossing at 1088.50 is the next downside target. Closes above today's high crossing at 1128.30 would temper the near term bearish outlook in the market. First resistance is today's high crossing at 1128.30. Second resistance is last Wednesday's high crossing at 1145.80. First support is today's low crossing at 1103.10. Second support is the reaction low crossing at 1088.50.

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Silver closed lower due to profit taking on Wednesday as it consolidated some of the rally off February low. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought and are turning bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 16.450 would confirm that a short term top has been posted. If May extends the rally off February's low, the 75% retracement level of the aforementioned decline crossing at 18.293 is the next upside target. First resistance is today's high crossing at 17.665. Second resistance is the 75% retracement level of the December-February decline crossing at 18.293. First support is the 10 day moving average crossing at 16.964. Second support is the 20 day moving average crossing at 16.450.

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The U.S. Dollar closed lower on Wednesday as it extends the trading range of the past five weeks. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near term. Closes below the reaction low crossing at 79.92 are needed to confirm a downside breakout of the aforementioned trading range and would open the door for a larger degree decline into spring. If June renews this winter's rally, weekly resistance crossing at 81.97 is the next upside target. First resistance is the reaction high crossing at 81.70. Second resistance is weekly resistance crossing at 81.97. First support is last Wednesday's low crossing at 80.14. Second support is the reaction low crossing at 79.92.


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Gold Market Commentary For Tuesday Evening

Gold closed lower on Tuesday due to profit taking triggered by strength in the US Dollar. A late day rally tempered early losses and the high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 1113.50 are needed to confirm that a short term top has been posted. If April extends the rally off February's low, January's high crossing at 1166.70 is the next upside target. First resistance is last Wednesday's high crossing at 1145.80. Second resistance is January's high crossing at 1166.70. First support is the 20 day moving average crossing at 1113.50. Second support is the reaction low crossing at 1088.50.

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Silver closed slightly higher due to late day rally on Tuesday as it consolidates above the 50% retracement level of the December-February decline crossing at 17.092. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If May extends the rally off February's low, the 62% retracement level of the aforementioned decline crossing at 17.659 is the next upside target. Closes below the 20 day moving average crossing at 16.372 would confirm that a short term top has been posted. First resistance is Monday's high crossing at 17.530. Second resistance is the 62% retracement level of the December-February decline crossing at 17.659. First support is the 10 day moving average crossing at 16.859. Second support is the 20 day moving average crossing at 16.372.

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The U.S. Dollar closed higher due to short covering on Tuesday as it extends the trading range of the past five weeks. The mid range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near term. Closes below the reaction low crossing at 79.92 are needed to confirm a downside breakout of the aforementioned trading range and would open the door for a larger degree decline into spring. If June renews this winter's rally, weekly resistance crossing at 81.97 is the next upside target. First resistance is the reaction high crossing at 81.70. Second resistance is weekly resistance crossing at 81.97. First support is last Wednesday's low crossing at 80.14. Second support is the reaction low crossing at 79.92.

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Gold Market Commentary For Thursday Evening

April gold futures closed down $10.40 at $1,132.90 today. Prices closed near mid range today and were pressured by profit taking amid a stronger U.S. dollar index and weaker crude oil prices. No chart damage occurred today and prices are still in a four week old uptrend on the daily bar chart.


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