October gold was higher overnight as it consolidates around the 75% retracement level of this year's decline crossing at 1734.00. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off May's low, the 87% retracement level of this year's decline crossing at 1767.20 is the next upside target. Closes below the 20-day moving average crossing at 1678.30 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 1747.00. Second resistance is the 87% retracement level of this year's decline crossing at 1767.20. First support is the 10-day moving average crossing at 1709.00. Second support is the 20-day moving average crossing at 1678.30.
December silver was lower due to light profit taking overnight as it consolidates some of the rally off June's low. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 31.253 would confirm that a short-term top has been posted. If December extends this summer's rally, the 75% retracement level of this year's decline crossing at 34.793 is the next upside target. First resistance is the overnight high crossing at 34.145. Second resistance is the 75% retracement level of this year's decline crossing at 34.793. First support is the 10-day moving average crossing at 32.658. Second support is the 20-day moving average crossing at 31.253.
December copper was slightly lower overnight as it consolidates below the 62% retracement level of the February-June decline crossing at 373.06. 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 August's low, the 75% retracement level of this year's decline crossing at 383.10 is the next upside target. Closes below the 20-day moving average crossing at 351.70 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of this year's decline crossing at 373.06. Second resistance is the 75% retracement level of this year's decline crossing at 383.10. First support is the 10-day moving average crossing at 358.30. Second support is the 20-day moving average crossing at 351.70.
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