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February gold closed sharply lower on Friday and below the 20-day moving average crossing at $2023.40 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends this week's decline, the 50-day moving average crossing at $1984.50 is the next downside target. First resistance is Monday's high crossing at $2152.30. Second resistance is unknown. First support is the 50-day moving average crossing at $1984.50. Second support is the November 13th low crossing at 1955.40.
March silver closed sharply lower on Friday as it extends the decline off Monday's high. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off Monday's high, the 62% retracement level of the October-December rally crossing at 23.150 is the next downside target. Closes above the 10-day moving average crossing at 24.840 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 24.321. Second resistance is the 10-day moving average crossing at 24.840. First support is the 62% retracement level of the October-December rally crossing at 23.150. Second support is the November 13th low crossing at 22.260.
March copper closed higher on Friday as it consolidated some of the decline off last-Friday's high. The high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally, last-Friday's high crossing at 3.9330 is the next upside target. If March resumes the decline off last-Friday's high, the 50-day moving average crossing at 3.7132 is the next downside target. First resistance is last-Friday's high crossing at 3.9330. Second resistance is the August's high crossing at 4.0445. First support is the 50-day moving average crossing at 3.7132. Second support is the November 13th low crossing at 3.6260.