Bullion Market Report

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Market Commentary
 April gold posted a key reversal up on Thursday due to a sharp decline in the equity markets. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1232.40 would confirm that a short-term top has been posted. If April extends the rally off December’s low, the 38% retracement level of the August-December decline crossing at 1276.68 is the next upside target. First resistance is today’s high crossing at 1267.10. Second resistance is the 38% retracement level of the August-December decline crossing at 1276.68. First support is the 20-day moving average crossing at 1232.40. Second support is December’s low crossing at 1182.30.
 March silver closed higher on Thursday as it extends the trading range of the past two months. The mid-range close set the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off last week’s high, the reaction low crossing at 19.310 is the next downside target. Closes above the 10-day moving average crossing at 20.077 would temper the near-term bearish outlook. First resistance is this month’s high crossing at 20.670. 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

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