Tuesday Jun 25, 4:44AM EDT

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PRECIOUS METALS

August gold closed higher on Monday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 August extends this month's rally, the August-2013 high on the weekly continuation chart crossing at 1434.00 is the next upside target. Closes below the 20-day moving average crossing at 1340.90 would confirm that a short-term low has been posted. First resistance is today's high crossing at 1422.90. Second resistance is the August-2013 high on the weekly continuation chart crossing at 1434.00. First support is the 10-day moving average crossing at 1363.40. Second support is the 20-day moving average crossing at 1340.90.

July silver posted an inside day with a higher close on Monday. The high-range close set the stage for a steady to higher opening when Tuesday'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 July extends the rally off May's low, March's high crossing at 15.730 is the next upside target. Closes below the 20-day moving average crossing at 14.857 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 15.555. Second resistance is March's high crossing at 15.730. First support is the 20-day moving average crossing at 14.857. Second support is May's low crossing at 14.265.

July copper closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 July extends the rally off June's low, the 50-day moving average crossing at 275.63 is the next upside target. Closes below the 20-day moving average crossing at 266.53 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 275.63. Second resistance is the reaction high crossing at 284.85. First support is the 87% retracement level of the January-April-rally crossing at 261.76. Second support is January's low crossing at 256.10.