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PRECIOUS METALS

February gold closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 February extends this month's decline, the 75% retracement level of the 2015-2016-rally crossing at 1137.70 is the next downside target. Closes above the 20-day moving average crossing at 1222.90 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1191.60. Second resistance is the 20-day moving average crossing at 1222.90. First support is Thursday's low crossing at 1162.20. Second support is the 75% retracement level of the 2015-2016-rally crossing at 1137.70.

January silver closed higher due to short covering on Friday as it consolidated some of the decline off November's high. The high-range close set the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 17.152 would confirm that a low has been posted. If January extends the decline off November's low, the 75% retracement level of the 2015-2016-rally crossing at 15.623 is the next downside target. First resistance is Monday's high crossing at 16.880. Second resistance is the 20-day moving average crossing at 17.152. First support is last Friday's low crossing at 16.210. Second support is the 75% retracement level of the 2015-2016-rally crossing at 15.623.

January copper closed slightly lower on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a double top might be in or is near. Closes below the 20-day moving average crossing at 252.27 would confirm that a short-term top has been posted. If January renews this fall's rally, the 87% retracement level of the 2012-2016-decline crossing at 282.02 is the next upside target. First resistance is Monday's high crossing at 274.45. Second resistance is the 87% retracement level of the 2012-2016-decline crossing at 282.02. First support is the 10-day moving average crossing at 259.66. Second support is the 20-day moving average crossing at 252.27.

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