S&P 500
2665.01
-5.13 -0.19%
Dow Indu
24398.08
-64.86 -0.27%
Nasdaq
7115.01
-31.12 -0.44%
Crude Oil
68.90
+0.50 +0.73%
Gold
1323.39
-10.81 -0.81%
Euro
1.220295
-0.007200 -0.59%
US Dollar
90.980
+0.716 +0.79%
Weak

Market Commentary

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

INO.com’s Daily Market Analysis

It’s free, informative, and will help you prepare and plan for the next trading day, while getting a jump on changing market conditions.

Privacy Policy

PRECIOUS METALS

June gold was sharply lower due to a stronger US Dollar overnight. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1337.20 would confirm that a short-term top has been posted while opening the door for a possible test of April's low crossing at 1322.60. Closes above the 10-day moving average crossing at 1345.30 would confirm that a short-term low has been posted. First resistance is last Wednesday's high crossing at 1359.00. Second resistance is April's high crossing at 1369.40. First support is the 38% retracement level of the December-January-rally crossing at 1326.70. Second support is the 50% retracement level of the December-January-rally crossing at 1311.50.

May silver was sharply lower overnight as it consolidates some of the rally off April's low. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 16.630 would confirm that a short-term top has been posted. If May extends the rally off April's low, the 87% retracement level of the January-March-decline crossing at 17.572 is the next upside target. First resistance is the the 87% retracement level of the January-March-decline crossing at 17.572. Second resistance is January's high crossing at 17.785. First support is the 10-day moving average crossing at 16.829. Second support is the 20-day moving average crossing at 16.630.

May copper was slightly lower overnight. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, February's high crossing at 329.05 is the next upside target. Closes below the 20-day moving average crossing at 307.09 would confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 319.55. Second resistance is February's high crossing at 329.05. First support is the 20-day moving average crossing at 307.09. Second support is April's low crossing at 297.00.

© Copyright INO.com, Inc. All Rights Reserved.