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PRECIOUS METALS

April gold closed sharply lower for the fourth session in a row on Friday as it posted its largest monthly decline since November-2016 as this month's sharp rise in government bond yields killed demand for gold. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off January's high, the 62% retracement level of the 2019-2020-rally crossing at $1634.70 is the next downside target. Closes above the 20-day moving average crossing at $1809.60 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1809.60. Second resistance is the 50-day moving average crossing at $1949.60. First support is the 50% retracement level of the 2019-2020-rally crossing at $1725.30. Second support is the 62% retracement level of the 2019-2020-rally crossing at $1634.70.

May silver closed sharply lower on Friday. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 26.513 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If May resumes the rally off January's low, February's high crossing at 30.350 is the next upside target. First resistance is February's high crossing at 30.350. Second resistance is monthly resistance on the continuation chart crossing at 30.727. First support is the 50-day moving average crossing at 26.513. Second support is January's low crossing at 24.095.

May copper closed sharply lower on Friday following yesterday's downside reversal as it consolidates some of the rally off February'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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 383.72 would signal that a short-term top has been posted. If March extends the rally off March's low, the August-2011 high on the monthly continuation chart crossing at 454.00 is the next upside target. First resistance is Thursday's high crossing at 437.55. Second resistance is the the August-2011 high on the monthly continuation chart crossing at 454.00. First support is the 10-day moving average crossing at 404.38. Second support is the 20-day moving average crossing at 383.72.