Gold & Silver Report
August gold closed sharply higher on Wednesday and above the 20-day moving average crossing at 929.00 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Thursday.
Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If August extends this week’s rally, the reaction high crossing at 949.00 is the next upside target. Closes below the 10-day moving average crossing at 924.10 would temper the near-term friendly outlook in the market.
First resistance is today’s high crossing at 942.30. Second resistance is the reaction high crossing at 949.00. First support is last Wednesday’s low crossing at 904.80. Second support is the reaction low crossing at 882.00.
September silver closed higher on Wednesday and above the 10-day moving average crossing at 13.097 as it extends this week’s rebounded off the 50% retracement level of the October-June rally crossing at 12.562. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold and are turning bullish hinting that a short-term low might be in or is near.
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Closes above the 20-day moving average crossing at 13.555 are needed to confirm that a short-term low has been posted. If September renews the decline off June’s high, the 62% retracement level of the aforementioned decline crossing at 11.689 is the next downside target. First resistance is today’s high crossing at 13.380. Second resistance is the 20- day moving average crossing at 13.555. First support is Monday’s low crossing at 12.435. Second support is the 62% retracement level crossing at 11.689.
Categorised as: Gold News