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PRECIOUS METALS

December gold closed higher on Friday extending the rally off November's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the 38% retracement level of the January-October-decline crossing at 1229.80 is the next upside target. Closes below the reaction low crossing at 1146.00 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the January-October-decline crossing at 1229.80. Second resistance is the 50% retracement level of the January-October-decline crossing at 1260.60. First support is the reaction low crossing at 1146.00. Second support is November's low crossing at 1130.40.

December silver closed higher on Friday as it extends this month's rally. The high-range close set the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the 25% retracement level of the July-November-decline crossing at 16.682 is the next upside target. Closes below the 10-day moving average crossing at 16.003 are needed to confirm that a short-term top has been posted. First resistance is the 25% retracement level of the July-November-decline crossing at 16.682. Second resistance is the 38% retracement level of the July-November-decline crossing at 17.567. First support is the reaction low crossing at 15.040. Second support is the January-2010 low crossing at 14.650.

December copper closed higher on Friday while extending this month's trading range. The mid-range close sets the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If December extends this month's rally, the reaction high crossing at 311.40 is the next upside target. If December resumes the decline off the late-August high, the 87% retracement level of the March-July-rally crossing at 293.71 is the next downside target. First resistance is the reaction high crossing at 311.40. Second resistance is the reaction high crossing at 321.20. First support is October's low crossing at 298.55. Second support is the 87% retracement level of the March-July-rally crossing at 293.71.

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