Market Commentary

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PRECIOUS METALS

April gold closed slightly higher on Wednesday as it extends this month's trading range. The low-range close sets the stage for a steady to slightly higher opening when Thursday's day session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the January 12th high crossing at $2067.30 would confirm that a short-term low has been posted. If April resumes the decline off the late-December high, December's low crossing at $1987.90 is the next downside target. First resistance the January 12th high crossing at $2067.30. Second resistance is the December 28th high crossing at $2098.20. First support is December's low crossing at $1987.90. Second support is November's low crossing at $1955.40.

March silver closed lower on Wednesday as it consolidates some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, the 50-day moving average crossing at 23.784 is the next upside target. Closes below the 10-day moving average crossing at 22.853 would signal that a short-term top has been posted. If March renews the decline off the December 22nd high, the 87% retracement level of the October-December rally crossing at 21.842 is the next downside target. First resistance is the 50-day moving average crossing at 23.784. Second resistance is the December 22nd high crossing at 24.895. First support is January's low crossing at 22.040. Second support is the 87% retracement level of the October-December rally crossing at 21.842.

March copper posted a downside reversal as it closed lower on Wednesday as it consolidates some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, December's high crossing at 3.9740 is the next upside target. Closes below the 20-day moving average crossing at 3.8089 would signal that a short-term top has been posted. First resistance is today's high crossing at 3.9470. Second resistance is December's high crossing at 3.9740. First support is the 20-day moving average crossing at 3.8089. Second support is January's low crossing at 3.7145.