June gold posted another new all-time high on Wednesday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term.
If June extends this year's rally into uncharted territory, upside targets are hard to project. Closes below the 20-day moving average crossing at 1172.70 would confirm that a short-term top has been posted.
First resistance is today's high crossing at 1249.20. First support is the 10-day moving average crossing at 1194.90. Second support is the 20-day moving average crossing at 1172.70.
July silver closed higher on Wednesday as it extended the rally off February's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off February's low, weekly resistance crossing at 21.440 is the next upside target.
Closes below the 20-day moving average crossing at 18.282 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 19.735. Second resistance is weekly resistance crossing at 21.440. First support is the 10-day moving average crossing at 18.485. Second support is the 20-day moving average crossing at 18.282.
July copper closed lower on Wednesday and the mid-range close sets the stage for a steady opening on Thursday. At the same time stochastics and the RSI have turned bullish hinting that a low might be in or is near.
Closes above the 20-day moving average crossing at 336.63 are needed to confirm that a short-term low has been posted. If July resumes this month's decline, the 87% retracement level of the February-April rally crossing at 295.74 is the next downside target. First resistance is the 10-day moving average crossing at 322.11.
Second resistance is the 20-day moving average crossing at 336.63. First support is last Wednesday's low crossing at 300.55. Second support is the 87% retracement level of the February-April rally crossing at 295.74.
