{"id":17463,"date":"2012-12-18T16:54:28","date_gmt":"2012-12-18T21:54:28","guid":{"rendered":"http:\/\/www.ino.com\/blog\/?p=17463"},"modified":"2012-12-18T16:56:24","modified_gmt":"2012-12-18T21:56:24","slug":"precious-metals-commentary-2","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2012\/12\/precious-metals-commentary-2\/","title":{"rendered":"Precious Metals Commentary"},"content":{"rendered":"

February gold closed sharply lower on Tuesday and below November's low crossing at 1674.70 thereby renewing the decline off October's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are diverging but are bearish signaling that sideways to lower prices are possible near-term. If February extends the decline off November's high, the 62% retracement level of the May-October rally crossing at 1638.00 is the next downside target. Closes above the 20-day moving average crossing at 1714.50 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1714.50. Second resistance is November's high crossing at 1757.10. First support is today's low crossing at 1662.00. Second support is the 62% retracement level of the May-October rally crossing at 1638.00.<\/p>\n

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March silver closed lower on Tuesday as it extends the decline off November's high. The low-range close set the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remains bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, November's low crossing at 30.790 is the next downside target. Closes above the 20-day moving average crossing at 33.250 is the next upside target. First resistance is the 20-day moving average crossing at 33.250. Second resistance is November's high crossing at 35.200. First support is today's low crossing at 31.400. Second support is November's low crossing at 30.790.<\/p>\n

March copper closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 362.68 would confirm that a short-term top has been posted. If March renews the rally off November's low, the 75% retracement level of the aforementioned decline crossing at 374.08 is the next upside target. First resistance is last Wednesday's high crossing at 372.10. Second resistance is the 75% retracement level of the aforementioned decline crossing at 374.08. First support is the reaction low crossing at 363.30. Second support is the 20-day moving average crossing at 362.68.<\/p>\n","protected":false},"excerpt":{"rendered":"

February gold closed sharply lower on Tuesday and below November's low crossing at 1674.70 thereby renewing the decline off October's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. 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