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PRECIOUS METALS

February gold closed higher on Friday as it extends a five-week-old trading range. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1488.40 would confirm that a short-term low has been posted. If February resumes the decline off September's high, the 50% retracement level of the May-September-rally at 1431.40 is the next downside target. First resistance is the 50-day moving average crossing at 1488.40. Second resistance is November's high crossing at 1525.20. First support is the 38% retracement level of the May-September-rally at 1464.60. Second support is the 50% retracement level of the May-September-rally at 1431.40.

January silver closed higher on Friday. The mid-range close set the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 17.329 are needed to temper the bearish outlook. If January resumes the decline off the September 24th high, the 75% retracement level of the May-September-rally crossing at 15.842 is the next downside target. First resistance is the 50-day moving average crossing at 17.329. Second resistance is November's high crossing at 18.210. First support is the 62% retracement level of the May-September-rally crossing at 16.530. Second support is the 75% retracement level of the May-September-rally crossing at 15.842.

January copper posted a downside reversal due to profit taking on Friday as it consolidates some of the rally off September's low. The low-range close sets the stage for a steady to lower 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 January extends the aforementioned rally, the 75% retracement level of the April-September-decline crossing at 287.40 is the next upside target. Closes below the 20-day moving average crossing at 268.42 are needed to confirm that a short-term top has been posted. First resistance is the 62% retracement level of the April-September-decline crossing at 280.74. Second resistance is the 75% retracement level of the April-September-decline crossing at 287.40. First support is the 10-day moving average crossing at 271.62. Second support is the 20-day moving average crossing at 268.42.