Market Commentary
October gold closed lower on Wednesday extending the decline off last week’s high. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Overall the technical indicators point out that neutral to bearish signaling that sideways to lower prices is possible. First resistance is at 1296. Second resistance is at 1320. First support is at 1280. Second support is at 1250.
September silver posted an inside day with a higher close on Wednesday. Overall the technical indicators point out that Silver price will move neutral to bearish signaling that sideways to lower prices are possible near-term. First resistance is at 19.65. Second resistance is at 20.00. First support is at 19.30. Second support is at 19.00