World market daily update for 24/07/2009

BULLION

Gold closed slightly higher on Thursday and the high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends the rally, the reaction high crossing is the next upside target. Closes below the 10-day moving average crossing would temper the near-term friendly outlook in the market.

Silver closed higher on Thursday and the high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends the rally, the reaction high crossing is the next upside target. Closes below the 10-day moving average crossing would temper the near-term friendly outlook in the market.

U.S. STOCK MARKET INDICES

DJI closed higher on Thursday and the high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are underbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. SPI closed higher on Thursday and the high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are underbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. NDI closed higher on Thursday as it extends this month's rally. 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 signalling that sideways to higher prices are possible near-term.

ENERGY

Crude Oil closed higher on Thursday and the high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but remain neutral to bullish signalling that sideways to higher prices are possible near-term. Closes below the 10-day moving average crossing would confirm that a short-term top has been posted.

Natural Gas closed lower on Thursday but above the 20-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off last week's low, the reaction high crossing is the next upside target. Closes below the 10-day moving average crossing would temper the near-term friendly outlook.