Morning Market Report: Precious Metals

By Ino.com

ino.com

October gold was lower overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below July’s low crossing at 1314.70 would confirm a downside breakout of the July-August trading range. Closes above the 20-day moving average crossing at 1340.20 would confirm that a short-term low has been posted. First resistance is August’s high crossing at 1369.70. Second resistance is July’s high crossing at 1380.90. First support is July’s low crossing at 1314.70. Second support is the 50% retracement level of the May-July-rally crossing at 1292.90.

December silver was lower overnight as it consolidates above the 38% retracement level of the 2015-2016-rally crossing at 18.394. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month’s decline, the 50% retracement level of the 2015-2016-rally crossing at 17.511 is the next downside target. Closes above the 20-day moving average crossing at 19.603 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 19.089. Second resistance is the 20-day moving average crossing at 19.603. First support is the the 38% retracement level of the 2015-2016-rally crossing at 18.394. Second support is the 50% retracement level of the 2015-2016-rally crossing at 17.511.

December copper was mostly steady overnight as it consolidates some of the decline off July’s high. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to higher prices are possible. If December extends the decline off July’s high, the 87% retracement level of the June-July-rally crossing at 206.41 is the next downside target. Closes above the 20-day moving average crossing at 214.96 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 214.96. Second resistance is the reaction high crossing at 220.00. First support is the 87% retracement level of the June-July-rally crossing at 206.41. Second support is June’s low crossing at 203.15.

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