Market Commentary
April gold closed higher on Friday and the high-range close sets the stage for a steady to higher opening when Tuesday’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 April extends the rally off December’s low, December’s high crossing at 1266.70 is the next upside target. Closes below the 20-day moving average crossing at 1225.10 would confirm that a short-term top has been posted. First resistance is Tuesday’s high crossing at 1255.20. Second resistance is December’s high crossing at 1266.70. First support is the 20-day moving average crossing at 1225.10. Second support is December’s low crossing at 1182.30.
March silver closed higher on Friday. The high-range close set the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning bearish hinting that a short-term top might be in or is near.Closes below the 20-day moving average crossing at 19.865 would confirm that a short-term top has been posted. 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 the reaction low crossing at 19.310. Second support is December’s low crossing at 18.720
Source:RSBL