Market Commentary
April gold closed higher on Friday as it extends the rally off December’s low. 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. If April extends the rally off December’s low, December’s high crossing at 1266.70 is the next upside target. If April renews the decline off August’s high, weekly support crossing at 1179.40 is the next downside target. First resistance is today’s high crossing at 1249.00. Second resistance is December’s high crossing at 1266.70. First support is December’s low crossing at 1182.30. Second support is weekly support crossing at 1179.40.
March silver closed higher due to short covering on Friday as it consolidated some of this week’s decline. The high-range close set the stage for a steady to higher opening when Monday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that sideways to lower prices are possible near-term. If March renews the decline off October’s high, June’s low crossing at 18.600 is the next downside target. Closes above December’s high crossing at 20.480 are needed to confirm an upside breakout of December’s trading range. First resistance is December’s high crossing at
20.480. Second resistance is the reaction high crossing at 20.920. First support is December’s low crossing at 18.720. Second support is June’s low crossing at 18.600.
Source:RSBL