August gold closed higher on Wednesday as it extends this week’s rally above resistance marked by May’s high crossing at 940.10. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this week’s rally, April’s high crossing at 959.50 is the next upside target. Multiple closes below the 10-day moving average crossing at 913.50 would temper the near-term friendly outlook in the market. First resistance is Tuesday’s high crossing at 948.50. Second resistance is April’s high crossing at 959.50. First support is the 10-day moving average crossing at 913.50. Second
support is the 20-day moving average crossing at 898.70.
JULY SILVER
July silver closed higher on Wednesday as it extends this week’s rally. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If July extends this week’s rally, April’s high crossing at 18.880 is the next upside target. From a broad perspective, July needs to close above 18.880 or below 16.055 to confirm a breakout of this spring’s trading range and point the direction of the next trending move. First resistance is today’s high crossing at 18.380. Second resistance is April’s high crossing at 18.880. First support is the 10-day moving average crossing at 17.353. Second support is the 20-day moving average crossing at 17.176.
July copper closed sharply higher on Wednesday and tested the 75% retracement level of the May-June decline crossing at 407.17. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this summer’s rally, the 87% retracement level crossing at 416.61 is the next upside target. Closes below the 10-day moving average crossing at 385.78 would temper the near-term friendly outlook in the market. First resistance is today’s high crossing at 408.25. Second resistance is the 87% retracement level of the May-June decline crossing at 416.61. First support is the 10-day moving average crossing at 385.78. Second support is the 20-day moving average crossing at 373.43.
Jim Wyckoff became a financial journalist with
Futures World News for many years, cutting his teeth
as a reporter on the futures trading floors in
Chicago and New York, where he covered every futures
market traded in the United States at one time or
another including commodity futures trading in Softs and Metals. Click here for full
bio >>
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