Wednesday, July 11, 2012

Today's Oil Gold and Silver Forecast Outlook



Today's Oil Gold and Silver Forecast for Intraday Trading

August Crude Oil closed lower due to profit taking on Tuesday as it consolidates some of the rally off June's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. 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 82.84 would temper the near-term friendly outlook. If August renews the rally off June's low, the 38% retracement level of this year's decline crossing at 90.43 is the next upside target. First resistance is last Thursday's high crossing at 88.98. Second resistance is the 38% retracement level of this year's decline crossing at 90.43. First support is the 20-day moving average crossing at 82.84. Second support is June's low crossing at 77.28.

August Gold closed lower on Tuesday as it extended the decline off last week'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 have turned bearish signaling that sideways to lower prices are possible near-term. If August renews the decline off June's high, May's low crossing at 1529.30 is the next downside target. If August renews the rally off June's low, June's high crossing at 1642.40 is the next upside target. First resistance is June's high crossing at 1642.40. Second resistance is reaction high crossing at 1674.30. First support is June's low crossing at 1547.60. Second support is May's low crossing at 1529.30.

September Silver closed lower on Tuesday as it extended the decline off last week'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 bearish signaling that sideways to lower prices are possible near-term. If September renews this year's decline, weekly support crossing at 24.689 is the next downside target. If September renews the rally off June's low, June's high crossing at 29.915 is the next upside target. First resistance is the reaction high crossing at 29.135. Second resistance is June's high crossing at 29.915. First support is June's low crossing at 26.105. Second support is weekly support crossing at 24.689.

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