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Posted by HY Markets on Thursday July 15, 2010 4:57 am
Gold closed lower on Wednesday and above the 10-day moving average crossing signalling that a short-term low has been posted or is near. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning bearish hinting that a low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a low has been posted. If it resumes the decline off June's high, the 38% retracement level of this year's rally crossing is the next downside target.
Silver closed higher on Wednesday and above the 10-day moving average crossing signalling that a short-term low is in or is near. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing are needed to confirm that a low has been posted. If it renews the decline off June's high, June's low crossing is the next downside target.
Crude Oil closed lower on Wednesday and below the 20-day moving average crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off this month's rally, the reaction low crossing is the next downside target.
Natural Gas closed lower on Wednesday and is resumed the decline off June's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that additional weakness is possible near-term. If it extends the aforementioned decline, the reaction low crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
Coffee closed lower on Wednesday and the mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are turning neutral to bearish signalling that sideways to lower prices are possible near-term. Closes below the reaction high crossing are needed to that a short-term high has been posted. If it extends last week's rally, the 50% retracement level of June's rally crossing is the next upside target.
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