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April gold closed lower on Friday as it consolidated some of the rally off February's low. 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 bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off February's low, the 87% retracement level of the 2022 decline crossing at 2031.20 is the next upside target. Closes below the 20-day moving average crossing at 1895.10 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 2014.90. Second resistance is the 87% retracement level of the 2022 decline crossing at 2031.20. First support is the 10-day moving average crossing at $1950.50. Second support is the 20-day moving average crossing at 1895.10.
May silver closed slightly higher on Friday as it extended this month's rally. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, the 87% retracement level of the February-March decline crossing at 24.286 is the next upside target. Closes below the 20-day moving average crossing at 21.582 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the February-March decline crossing at 23.687. Second resistance is the 87% retracement level of the February-March decline crossing at 24.286. First support is the 10-day moving average crossing at 22.439. Second support is the 20-day moving average crossing at 21.582.
May copper closed lower on Friday as it consolidates some of the rally off the March 16th low. 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, March's high crossing at 4.1745 is the next upside target. Closes below the 10-day moving average crossing at 3.9843 would signal that a short-term top has been posted. First resistance is March's high crossing at 4.1745. Second resistance is the February 21st high crossing at 4.2130. First support is the 50% retracement level of the September-January rally crossing at 3.7966. Second support is is the 62% retracement level of the September-January rally crossing at 3.6635.