Summary
The Dow Future has advanced 38 points to 36027. The US Dollar Index moved down 0.090 points to 103.407. Gold has slipped 1.980 dollars to 2038.140. Silver is trending lower 0.1270 dollars to 25.1730. The Dow Industrials rose 520.47 points, at 35950.89, while the S&P 500 gained 17.22 points, last seen at 4567.80. The Nasdaq Composite eased 32.27 points to 14226.22. Streaming charts of these markets are available at MarketClub
Key Events for Friday
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims Jobless Claims Jobless Claims, Net Chg Continuing Claims Continuing Claims, Net Chg 8:30 AM ET. U.S. Weekly Export Sales 8:30 AM ET. October Personal Income and Outlays Personal Income, M/M% (previous +0.3%) Consumer Spending, M/M% (previous +0.7%) PCE Price Idx, M/M% (previous +0.4%) PCE Price Idx, Y/Y% (previous +3.4%) PCE Core Price Idx, M/M% (previous +0.3%) PCE Core Price Idx, Y/Y% (previous +3.7%) 9:45 AM ET. November Chicago Business Barometer - ISM-Chicago Business Survey -Chicago PMI PMI-Adj (previous 44.0) 10:00 AM ET. October Pending Home Sales Index Pending Home Sales (previous 72.6) Pending Home Sales Idx, M/M% (previous +1.1%) Pending Home Sales Idx , Y/Y% (previous -11.0%) 10:00 AM ET. October Metropolitan Area Employment and Unemployment 10:30 AM ET. EIA Weekly Natural Gas Storage Report Working Gas In Storage (Cbf) Working Gas In Storage, Net Chg (Cbf) 12:00 PM ET. November Monthly U.S. Retail Chain Store Sales Index 2:15 PM ET. SEC Closed Meeting 3:00 PM ET. October Agricultural Prices Farm Prices, M/M% (previous -2.9%) 4:30 PM ET Foreign Central Bank Holdings 4:30 PM ET. Federal Discount Window 9:45 AM ET. November US Manufacturing PMI PMI, Mfg (previous 50.0) 10:00 AM ET. October Construction Spending - Construction Put in Place New Construction (expected +0.4%; previous +0.4%) Residential Construction 10:00 AM ET. November ISM Report On Business Manufacturing PMI Manufacturing PMI (expected 47.6; previous 46.7) Prices Idx (previous 45.1) Employment Idx (previous 46.8) Inventories (previous 43.3) New Orders Idx (previous 45.5) Production Idx (previous 50.4) 11:00 AM ET. November Global Manufacturing PMI PMI, Mfg (previous 48.8) 4:00 PM ET. November Domestic Auto Industry 10:00 AM ET. October Manufacturers' Shipments, Inventories & Orders (M3) Total Orders, M/M% (previous +2.8%) Orders, Ex-Defense, M/M% (previous +3.2%) Orders, Ex-Transport, M/M% (previous +0.8%) Durable Goods, M/M% Durable Goods, 8:55 AM ET. Johnson Redbook Retail Sales Index Ret Sales Mo-to-Date, Y/Y% Latest Wk, Y/Y% 9:45 AM ET. November US Services PMI PMI, Services (previous 50.6) 10:00 AM ET. November ISM Report On Business Services PMI Services PMI (previous 51.8) Business Activity Idx (previous 54.1) Prices Idx (previous 58.6) Employment Idx (previous 50.2) New Orders Idx (previous 55.5) 10:00 AM ET. December RCM/TIPP Economic Optimism Index Economic Optimism Idx (previous 44.5) 6-Mo Economic Outlook (previous 39.1) 10:00 AM ET. October Job Openings & Labor Turnover Survey 11:00 AM ET. November Global Services PMI PMI, Services (previous 50.4) 4:30 PM ETl API Weekly Statistical Bulletin Crude Stocks, Net Chg 7:00 AM ET. MBA Weekly Mortgage Applications Survey Composite Idx Composite Idx, W/W% Purchase Idx-SA Purchase Idx-SA, W/W% Refinance Idx Refinance Idx, W/W% 8:15 AM ET. November ADP National Employment Report Private Sector Jobs, Net Chg (previous +113000) 8:30 AM ET. 3rd Quarter Revised Productivity and Costs Non-Farm Productivity (previous +3.5%) Unit Labor Costs (previous +2.2%) 8:30 AM ET. October U.S. International Trade in Goods & Services Trade Balance (USD) (previous -61.54B) Exports (USD) (previous 261.11B) Exports, M/M% (previous +2.2%) Imports (USD) (previous 322.66B) Imports, M/M% (previous +2.7%) 10:00 AM ET. 3rd Quarter Quarterly Financial Report - Retail Trade 10:00 AM ET. 3rd Quarter Quarterly Financial Report - Industry 10:30 AM ET. EIA Weekly Petroleum Status Report Crude Oil Stocks (Bbl) Crude Oil Stocks, Net Chg (Bbl) Gasoline Stocks (Bbl) Gasoline Stocks, Net Chg (Bbl) Distillate Stocks (Bbl) Distillate Stocks, Net Chg (Bbl) Refinery Usage Total Prod Supplied (Bbl/day) Total Prod Supplied, Net Chg 7:30 AM ET. November Challenger Job-Cut Report Job Cuts, M/M% (previous -22%) 8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims Jobless Claims Jobless Claims, Net Chg Continuing Claims Continuing Claims, Net Chg 8:30 AM ET. U.S. Weekly Export Sales 10:00 AM ET. October Monthly Wholesale Trade Inventories, M/M% (previous +0.2%) 10:30 AM ET. EIA Weekly Natural Gas Storage Report Working Gas In Storage (Cbf) Working Gas In Storage, Net Chg (Cbf) 3:00 PM ET. October Consumer Credit Consumer Credit Net Chg (USD) (previous +9.0B) 4:30 PM ET. Foreign Central Bank Holdings 4:30 PM ET. Federal Discount Window Borrowings N/A SEC Investor Advisory Committee Quarterly Meeting
The December Dollar closed sharply higher on Thursday as it consolidates some of the decline off this month's high. 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 oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 104.179 would signal that a short-term low has been posted. If December resumes the decline off the October 27th high, the 62% retracement level of the July-October rally crossing at 102.036 is the next downside target. First resistance is the 20-day moving average crossing at 104.179. Second resistance is the 50-day moving average crossing at 105.324. First support is the 62% retracement level of the July-October rally crossing at 102.036. Second support is the 75% retracement level of the July-October rally crossing at 100.962. The December Euro closed sharply lower on Thursday as it consolidated some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.08392 would signal that a short-term top has been posted. If December extends the rally off October's low, the 75% retracement level of the July-October decline crossing at 1.11376 is the next upside target. First resistance is the 62% retracement level of the July-October decline crossing at 1.10215. Second resistance is the 75% retracement level of the July-October decline crossing at 1.11376. First support is the 20-day moving average crossing at 1.08392. Second support is the 50-day moving average crossing at 1.06944. The December British Pound closed lower on Thursday as it consolidated some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If December extends the rally off October's low, the 75% retracement level of the July-October decline crossing at 1.2856 is the next upside target. Closes below the 20-day moving average crossing at 1.2444 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the July-October decline crossing at 1.2712. Second resistance is the 75% retracement level of the July-October decline crossing at 1.2856. First support is the 10-day moving average crossing at 1.2569. Second support is the 20-day moving average crossing at 1.2444. The December Swiss Franc posted a downside reversal as it closed lower on Thursday as it consolidates some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Friday's day 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 December extends the rally off October's low, the August 30th high crossing at 1.15700 is the next upside target. Closes below the 20-day moving average crossing at 1.12724 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the August-October decline crossing at 1.14927. Second resistance is the 75% retracement level of the August-October decline crossing at 1.16191. First support is the 10-day moving average crossing at 1.13729. Second support is 20-day moving average crossing at 1.12724. The December Canadian Dollar closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's day 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 December extends the aforementioned rally, the September 29th high crossing at 74.62 is the next upside target. Closes below the 20-day moving average crossing at 73.02 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 73.87. Second resistance is the September 29th high crossing at 74.62. First support the 20-day moving average crossing at 73.02. Second support is the November 10th low crossing at 72.21. The December Japanese Yen closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off November's low, October's high crossing at 0.068740 is the next upside target. If December renews the decline below the October-2022 low on the weekly continuation chart crossing at 0.066235 is the next downside target. Closes below this support level opens the door into uncharted territory. First resistance is Wednesday's high crossing at 0.068385. Second resistance is October's high crossing at 0.068740. First support is November's low crossing at 0.066110. Second support is unknown.
January crude oil closed lower on Thursday marking a double top with the November 14th high. The low-range close sets the stage for a steady to lower opening when Friday's day session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off November's low, the 50-day moving average crossing at $81.40 is the next upside target. If January renews the decline off September's high, the 75% retracement level of the May-September rally crossing at $70.86 is the next downside target. First resistance is the November 14th high crossing at $79.65. Second resistance is the 50-day moving average crossing at $81.40. First support is the 75% retracement level of the May-September rally crossing at $70.36. Second support is the 87% retracement level of the May-September rally crossing at $66.82. January heating oil closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's day trading session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If January resumes the decline off the November 3rd high, the 62% retracement level of the May-September rally crossing at 2.6896 is the next downside target. If January extends the rally off November's low, the 50-day moving average crossing at 2.8831 is the next upside target. First resistance is the 50-day moving average crossing at 2.8831. Second resistance is November's high crossing at 2.9713. First support is the November 17th low crossing at 2.6460. Second support is the 62% retracement level of the May-September rally crossing at 2.5736. January unleaded gas closed sharply lower on Thursday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If January renews the decline off September's high, the 87% retracement level of the May-September rally crossing at 2.0255 is the next downside target. Multiple closes above the October 27th high crossing at 2.2925 would confirm that a short-term low has been posted. First resistance is the October 27th high crossing at 2.2925. Second resistance is the October 20th high crossing at 2.3617. First support is the 87% retracement level of the May-September rally crossing at 2.0255. Second support is May's low crossing at 1.9480. January Henry natural closed slightly higher on Thursday as it consolidates some of the decline off August's high. The mid-range close sets the stage for a steady to higher when Friday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off October's high, the June-2020 low crossing at 2.643 is the next downside target. Closes above the 10-day moving average crossing at 2.984 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.984. Second resistance is the 20-day moving average crossing at 3.225. First support Wednesday's low crossing at 2.760. Second support is the June-2020 low crossing at 2.643.
March coffee closed sharply higher on Thursday as it renewed the rally off October's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the 50% retracement level of the 2022-2023 decline crossing at 19.55 is the next upside target. Closes below last-Monday's low crossing at $16.53 would signal that a short-term top has been posted. First resistance is November's high crossing at 17.64. Second resistance is the 38% retracement level of the 2022-2023 decline crossing at 18.38. First support is the 20-day moving average crossing at $17.13. Second support is last-Monday's low crossing at $16.53. March cocoa closed slightly higher on Thursday as it extends the rally into uncharted territory. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. With cocoa trading in uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 40.50 would signal that a short-term top has been posted. March sugar closed sharply lower on Thursday marking a downside breakout of the October-November trading range, which began with the October 12th low crossing at 26.25. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, October's low crossing at 25.28 is the next downside target. Closes above the 20-day moving average crossing at 27.30 would signal that a short-term low has been posted. If March renews the rally off October's low, monthly resistance on the continuation chart crossing at 29.36 is the next upside target. March cotton closed slightly higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the November 17th crossing at 81.87 would signal that a short-term low has been posted. If March extends Monday's decline, November's low crossing at 77.66 is the next downside target. First resistance is the November 17th high crossing at 81.87. Second resistance is the 50-day moving average crossing at 84.19. First support is November's low crossing at 77.66. Second support is the June 26th low crossing at 77.01.
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March Corn closed up $0.07-cents at $4.82 3/4. March corn closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $4.94 1/2 would temper the near-term bearish outlook. If March extends the decline off October's high, the 75% retracement level of the 2020-2022 rally on the weekly continuation chart crossing at $4.50 3/4 is the next downside target. First resistance is the 50-day moving average crossing at $4.94 1/2. Second resistance is October's high crossing at $5.21 1/2. First support is psychological support crossing at $4.75. Second support is the 75% retracement level of the 2020-2022 rally on the weekly continuation chart crossing at $4.50 3/4. March wheat closed up $0.12 1/4-cents at $5.98. March wheat closed higher for the third day in a row on Thursday and above the 50-day moving average crossing at $5.96 1/2. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the the 50-day moving average crossing at $5.96 1/2 would signal that a short-term low has been posted while opening the door for additional short-term gains. If March renews the decline off November's high, psychological support crossing at $5.50 is the next possible downside target. First resistance is the 50-day moving average crossing at $5.96 1/2. Second resistance is the November 8th high crossing at $6.22. First support is Monday's low crossing at $5.56 1/4. Second support is psychological support crossing at $5.50. March Kansas City Wheat closed up $0.08 3/4-cents at $6.43. March Kansas City wheat closed higher for the third day in a row on Friday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the November 8th high crossing at $6.70 1/2 would confirm that a short-term low has been posted. If March resumes the decline off July's high, psychological support crossing at $5.75 on the monthly continuation chart is the next downside target. First resistance is the November 8th high crossing at $6.70 1/2. Second resistance is the October 20th high crossing at $6.96 1/4. First support is Tuesday's low crossing at $5.95. Second support is psychological support on the monthly continuation chart crossing at $5.75. March Minneapolis wheat closed up $0.04 1/4-cents crossing at $7.29 1/2. March Minneapolis wheat closed higher for the third day in a row on Thursday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $7.44 1/2 are needed to confirm that a low has been posted. If March renews this year's decline, psychological support crossing at $6.75 is the next downside target. First resistance is the 50-day moving average crossing at $7.44 1/2. Second resistance is October's high crossing at $7.68 1/4. First support is Monday's low crossing at $6.97 1/2. Second support is psychological support crossing at $6.75. SOYBEAN COMPLEX https://quotes.ino.com/exchanges/?c=grains " January soybeans closed down $0.04 1/4-cents at $13.42 3/4. January soybeans closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If January renews the rally off October's low, the August 28th high crossing at $14.20 is the next upside target. Closes below the 50-day moving average crossing at $13.26 1/4 would signal that a short-term top has been posted. First resistance is the November 15th high crossing at $13.98 1/2. Second resistance is the August 28th high crossing at $14.20. First support is the 50-day moving average crossing at $13.26 1/2. Second support is the October 25th low crossing at $12.97 1/2. January soybean meal closed down $3.00 at $424.00. January soybean meal closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the November 20th low crossing at $425.10 confirming that a short-term top has been posted. If January extends the decline off November's high, the 50-day moving average crossing at $411.30 is the next downside target. If January renews the rally off October's low, the 75% retracement level of the 2012-2016 decline on the weekly continuation chart crossing at $478.80 is the next upside target. First resistance is the 20-day moving average crossing at $437.50. Second resistance is November's high crossing at $460.60. First support is today's low crossing at $420.60. Second support is the 50-day moving average crossing at $411.30. January soybean oil closed down 38-pts. at 52.26. January soybean oil closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 52.85 would open the door for a test of the October 16th high crossing at 55.40. If January renews the decline off August's high, November's low crossing at 48.53 is the next downside target. First resistance is the 50-day moving average crossing at 52.85. Second resistance is the October 16th high crossing at 55.40. First support is Monday's low crossing at 50.09. Second support is November's low crossing at 48.53.
The Dow gapped up and closed sharply higher on Thursday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Friday's day 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 the Dow extends the aforementioned rally, the February-2022 high crossing at 35,824.28 is the next upside target. Closes below the 20-day moving average crossing at 34,776.00 would signal that a short-term top has been posted. First resistance is the January-2022 high crossing at 36,952.65. Second resistance is unknown. First support is the 10-day moving average crossing at 35,292.70. Second support is the 20-day moving average crossing at 34,776.00. The December NASDAQ 100 closed lower on Thursday as it extends the trading range of the past two-weeks. The mid-range close sets the stage for a steady to lower opening when Friday'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 December extends the rally off October's low, July's high crossing at 16,264.25 is the next upside target. Closes below the 20-day moving average crossing at 15,714.10 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 16,208.50. Second resistance is July's high crossing at 16,264.25. First support is the 20-day moving average crossing at 15,714.08. Second support is the 50-day moving average crossing at 15,205.19. The December S&P 500 closed slightly higher on Thursday as it extends the trading range of the past two-weeks. 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 but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, the 87% retracement level of the July-October decline crossing at 4612.32 is the next upside target. Closes below the 10-day moving average crossing at 4554.45 would signal that a short-term top has been posted. First resistance is September's high crossing at 4597.50. Second resistance is the 87% retracement level of the July-October decline crossing at 4612.32. First support is the 10-day moving average crossing at 4554.45. Second support is the 20-day moving average crossing at 4484.24.
December T-bonds closed down 22/32's at 116-23. December T-bonds closed lower on Thursday after testing the 38% retracement level of this year's decline crossing at 117-12. The low-range close sets the stage for a steady to lower opening when Friday's day 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 December extends the rally off October's low, the 50% retracement level of this year's decline crossing at 120-17 is the next upside target. Closes below the 20-day moving average crossing at 114-25 would signal that a short-term top has been posted. First resistance is the 38% retracement level of this year's decline crossing at 117-12. Second resistance is the 50% retracement level of this year's decline crossing at 120-17. First support is the 20-day moving average crossing at 114-25. Second support is the November 9th low crossing at 112-12. December T-notes closed down 125-pts. at 109.175. December T-notes closed lower on Thursday as it consolidates some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Friday's 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 December extends the rally off October's low, the 38% retracement level of this year's decline crossing at 110.079. Closes below the 20-day moving average crossing at 108.159 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 110.040. Second resistance is the 38% retracement level of this year's decline crossing at 110.079. First support is the 20-day moving average crossing at 108.159. Second support is the 50-day moving average crossing at 107.203.
February hogs closed up $1.38 at $71.48. February hogs closed higher for the third day in a row on Thursday as it consolidated some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Friday's gap crossing at $71.58 would signal that a short-term low has been posted. If February renews this month's decline, the October low on the weekly continuation chart crossing at $65.40 is the next downside target. First resistance is last-Friday's gap crossing at $71.58. Second resistance is the 50-day moving average crossing at $73.95. First support is Tuesday's low crossing at $65.80. Second support is the October low on the weekly continuation chart crossing at $65.40. February cattle closed down $1.65 at $171.83. February cattle closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $176.48 would signal that a short-term low has been posted. If February renews the decline off September's high, the 87% retracement level of the 2022-2023 rally crossing at $165.46 is the next downside target. First resistance is the 20-day moving average crossing at $176.48. Second resistance is the 50-day moving average crossing at $184.10. First support is the 75% retracement level of the 2022-2023 rally crossing at $169.76. Second support is the 87% retracement level of the 2022-2023 rally crossing at $165.46. January Feeder cattle closed down $2.25 at $219.95. January Feeder cattle closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $227.90 would signal that a low has been posted. If November renews the decline off September's high, the contract low crossing at $210.45 is the next downside target. First resistance is the 20-day moving average crossing at $227.90. Second resistance is the November 3rd high crossing at $242.38. First support is Monday's low crossing at $212.13. Second support is the contract low crossing at $210.45.
February gold closed lower on Thursday as it consolidated some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off November's low, the 87% retracement level of the May-October decline crossing at $2102.00 is the next upside target. Closes below the 20-day moving average crossing at $2009.50 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the May-October decline crossing at $2066.20. Second resistance is the 87% retracement level of the May-October decline crossing at $2102.00. First support is the 10-day moving average crossing at $2028.70. Second support is the 20-day moving average crossing at 2009.50. March silver closed higher on Thursday as it extends that rally off October's low. The high-range close sets the stage for a steady to higher opening when Friday's day 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 March extends the rally off November's low, the July 20th high crossing at 26.100 is the next upside target. Closes below the 20-day moving average crossing at 23.955 would signal that a short-term top has been posted. First resistance is the August 30th high crossing at 25.775. Second resistance is the July 20th high crossing at 26.100. First support is the 10-day moving average crossing at 24.683. Second support is the 20-day moving average crossing at 23.955. December copper closed higher on Thursday as it extends the trading range of the past seven-days. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to lower prices are possible near-term. If December resumes the rally off October's low, the September 15th high crossing at 3.8515 is the next upside target. Closes below the 20-day moving average crossing at 3.7241 would signal that a short-term top has been posted. First resistance is today's high crossing at 3.8335. Second resistance is the September 15th high crossing at 3.8515. First support is the 20-day moving average crossing at 3.7241. Second support is the 50-day moving average crossing at 3.6652.
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