F R I D A Y M O R N I N G E X T R E M E M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )
METALS
June gold was higher overnight due to weakness in the U.S. Dollar as it
consolidates above initial resistance marked by the 10-day moving
average crossing at 378.50. Closes above the 20-day moving average
crossing at 384.10 are needed to confirm an upside breakout above the
March-April downtrend line thereby signaling that a bottom has been
posted. Stochastics and the RSI are bullish signaling that sideways to
higher prices are possible near-term. Closes below last week's low
crossing at 371.30 would open the door for a possible test of weekly
support crossing at 363.40 later this spring. Overnight action sets the
stage for a steady to firmer tone in early day session trading.
July silver was higher overnight due to short covering as it consolidates
above the 20-day moving average crossing at 5.85. Stochastics and the
RSI have turned bullish signaling that a bottom is in or is near. Closes
above this month's high crossing at 6.17 are needed to confirm that a
bottom has been posted. If July extends this spring's decline, a test of
weekly support crossing at 5.326 is the next downside target. Overnight
action sets the stage for a steady to firmer tone in early day session
trading.
July copper was sharply higher overnight due to short covering and has
broken out above the 20-day moving average crossing at 119.88. Closes
above this resistance level, which coincides with last week's high at
120.10 would confirm that a bottom has been posted. Stochastics and the
RSI are bullish signaling that sideways to higher prices are possible
near-term. Overnight action sets the stage for a firmer tone in early-day
session trading.
More at http://quotes.ino.co...anges/?c=metals
I find it helpfull,
mss
