Gold closed lower on Thursday in late day trading as it extended the decline off last week's high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. Closes below Monday's low crossing are needed to confirm that a short-term top has been posted while opening the door for additional weakness near-term. If it renews the rally off April's low, February's high crossing is the next upside target.
Silver closed higher due to short covering on Thursday but remains below the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it renews this spring's rally, the 75% retracement level crossing is the next upside target.
U.S. STOCK MARKET INDICES
DJI closed higher on Thursday while extending this spring's rally. A late-day sell off tempered early gains and the mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. SPI closed higher on Thursday as it extends this spring's rally. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but are turning neutral signalling that sideways to higher prices are possible near-term. NDI closed unchanged on Thursday as it consolidates some of this spring's rally. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but are neutral signalling that sideways to lower prices are possible near-term.
ENERGY
Crude Oil closed higher on Thursday as it extends this spring's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastic and the RSI are overbought, diverging but are bullish signaling that sideways to higher prices are possible near-term. If it extends the rally off April's low, the 38% retracement level of the 2008-2009 decline crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
Natural Gas closed higher on Thursday and above the 20-day moving average crossing confirming that a short- term low has been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends today's rally, the reaction high crossing is the next upside target. If it extends the decline off May's high, April's low crossing is the next downside target.
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