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PRECIOUS METALS

December gold closed lower on Wednesday and for a second straight session as traders focused on Federal Reserve Chairwoman Janet Yellen's testimony at a House hearing and upcoming comments this week from other speakers at the central bank. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 1309.20 would renew the decline off September's high. If December extends the rally off last week's low, September's high crossing at 1353.80 is the next upside target. First resistance is September's high crossing at 1353.80. Second resistance is August's high crossing at 1369.70. First support is September's low crossing at 1302.10. Second support is the 50% retracement level of the May-July-rally crossing at 1292.90.

December silver closed slightly higher on Wednesday as it consolidated some of the decline off last Thursday's high. The high-range close set the stage for a steady to higher 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. Closes below last Wednesday's low crossing at 19.070 would confirm that a short-term top has been posted. If December renews the rally off September's low, September's high crossing at 20.235 is the next upside target. First resistance is September's high crossing at 20.235. Second resistance is August's high crossing at 20.925. First support is September's low crossing at 18.715. Second support is the 38% retracement level of the 2015-2016-rally crossing at 18.394.

December copper closed higher on Wednesday and is poised to renew the rally off September's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 December renews this month's rally, the reaction high crossing at 221.50 is the next upside target. Closes below the 20-day moving average crossing at 213.63 would confirm that a short-term top has been posted. First resistance is last Friday's high crossing at 220.65. Second resistance is the reaction high crossing at 221.50. First support is the 10-day moving average crossing at 217.60. Second support is the 20-day moving average crossing at 213.63.

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