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Market Commentary

Currencies | Energy | Food | Grains | Indexes | Interest | Livestock | Metals

PRECIOUS METALS

June gold closed lower on Thursday as it extended this week's decline. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, the 62% retracement level of the January-March-rally crossing at 1265.10 is the next downside target. If June renews this month's rally, the reaction high crossing at 1343.00 is the next upside target. First resistance is Monday's high crossing at 1330.00. Second resistance is the reaction high crossing at 1343.00. First support is Tuesday's low crossing at 1291.50. Second support is the 62% retracement level of the January-March-rally crossing at 1265.10.

May silver closed lower on Thursday. The mid-range close set the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, January's low crossing at 18.800 is the next downside target. Closes above last Thursday's high crossing at 20.400 would confirm that a short-term low has been posted. First resistance is last Thusday's high crossing at 20.400. Second resistance is the reaction high crossing at 21.795. First support is the 87% retracement level of the January-February-rally crossing at 19.233. Second support is January's low crossing at 18.800.

May copper closed higher due to short covering on Thursday. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, the 50% retracement level of the December-March-decline crossing at 314.55 is the next upside target. If May renews Tuesday's decline, March's low crossing at 287.70 is the next downside target. First resistance is is the 38% retracement level of the December-March-decline crossing at 308.20. Second resistance is the 50% retracement level of the December-March-decline crossing at 314.55. First support is Tuesday's low crossing at 296.55. Second support is March's low crossing at 287.70.

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