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Precious Metals Commentary

February gold closed sharply lower on Tuesday and below November's low crossing at 1674.70 thereby renewing the decline off October's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are diverging but are bearish signaling that sideways to lower prices are possible near-term. If February extends the decline off November's high, the 62% retracement level of the May-October rally crossing at 1638.00 is the next downside target. Closes above the 20-day moving average crossing at 1714.50 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1714.50. Second resistance is November's high crossing at 1757.10. First support is today's low crossing at 1662.00. Second support is the 62% retracement level of the May-October rally crossing at 1638.00.

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March silver closed lower on Tuesday as it extends the decline off November's high. The low-range close set the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remains bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, November's low crossing at 30.790 is the next downside target. Closes above the 20-day moving average crossing at 33.250 is the next upside target. First resistance is the 20-day moving average crossing at 33.250. Second resistance is November's high crossing at 35.200. First support is today's low crossing at 31.400. Second support is November's low crossing at 30.790.

March copper closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 362.68 would confirm that a short-term top has been posted. If March renews the rally off November's low, the 75% retracement level of the aforementioned decline crossing at 374.08 is the next upside target. First resistance is last Wednesday's high crossing at 372.10. Second resistance is the 75% retracement level of the aforementioned decline crossing at 374.08. First support is the reaction low crossing at 363.30. Second support is the 20-day moving average crossing at 362.68.

Comments

  1. kelli rose says:

    Why is the price of gold and silver are going down while the dollar is falling and the fed is printing an additional trillion next year? It must be the crooks at JP Morgan with their 200 million oz short position which is moving prices .. is that called manipulation .. where are the regulations CME .. they are in on the scam as JPMorgan pays them a lot of money to continue to look the other way ... who"s left to regulate the CFTC which has been watching this criminal activity for the past 4 years .... FAIR & HONEST MARKETS ARE NOT FOUND HERE!!!!

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