Wednesday, December 15, 2010

Gold Silver Copper Daily Update

Gold Silver Metatrader Expert Advisor
Gold Silver Metatrader Expert Advisor


Gold Silver Copper Forecast Outlook 12/15/10

February Gold closed lower due to profit taking on Tuesday as it consolidates some of Monday's rally. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1379.30 are needed to confirm that a short-term top has been posted. If February renews the rally off November's low, upside targets will now be hard to project with the market trading into uncharted territory. First resistance is last Tuesday's high crossing at 1432.50. First support is the 20-day moving average crossing at 1379.30. Second support is the reaction low crossing at 1352.00.

March Silver closed higher on Tuesday as it consolidates some of last week's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 28.033 are needed to confirm that a short-term top has been posted. If March renews this year's rally, weekly resistance crossing at 31.987 is the next upside target. First resistance is last Tuesday's high crossing at 30.750. Second resistance is weekly resistance crossing at 31.987. First support is the 20-day moving average crossing at 28.033. Second support is the reaction low crossing at 26.525.

March Copper closed slightly lower due to profit taking on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, weekly resistance crossing at 427.00 is the next upside target. Closes below the 20-day moving average crossing near 392.13 would temper the near-term friendly outlook. First resistance is today's high crossing at 422.90. Second resistance is weekly resistance crossing at 427.00. First support is the 10-day moving average crossing at 406.86. Second support is the 20-day moving average crossing at 392.13.

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