Metals Update

By Ino.com

June gold was lower overnight as it consolidates some of the rally off March’s low. Stochastics and the RSI are overbought 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 1333.20 would confirm that a short-term top has been posted. If June extends the aforementioned rally, February’s high crossing at 1369.60 is the next upside target. First resistance is February’s high crossing at 1369.60. Second resistance is January’s high crossing at 1375.50. First support is the 50% retracement level of the December-January-rally crossing at 1311.50. Second support is the 62% retracement level of the December-January-rally crossing at 1296.30.

May silver was lower overnight as it consolidates some of the rally off March’s low. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off January’s high, December’s low crossing at 15.705 is the next downside target. Closes above the 50-day moving average crossing at 16.717 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 16.717. Second resistance is March’s high crossing at 16.895. First support is March’s low crossing at 16.100. Second support is December’s low crossing at 15.705.

May copper was higher due to short covering overnight as it consolidates some of the decline off February’s high. The high-range trade sets the stage for a steady to higher opening when the day 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 May extends the decline off February’s high, the 38% retracement level of the 2016-2018-rally crossing at 281.96 is the next downside target. Closes above the 20-day moving average crossing at 308.49 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 303.94. Second resistance is the 20-day moving average crossing at 308.49. First support is Monday’s low crossing at 293.75. Second support is the 38% retracement level of the 2016-2018-rally crossing at 281.96 is the next downside target.

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Published by

Gary

NFTRH.com & Biiwii.com