December Gold closed higher on Friday due to short covering while extending this week's trading range. A late-day rally tempered early losses and the mid-range close sets the stage for a steady opening on Monday. However, stochastics and the RSI are becoming overbought and are turning neutral hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 828.70 are needed to confirm that a top has been posted. If December extends this month's rally, the 62% retracement level of this summer's decline crossing at 930.20 is the next upside target. First resistance is last Thursday's high crossing at 926.00. Second resistance is the 62% retracement level of this summer's decline crossing at 930.20. First support is Thursday's low crossing at 868.80. Second support is the 10-day moving average crossing at 864.90.
December Silver closed higher on Friday as it extends this week's trading range below the 38% retracement level of the July- September decline crossing at 13.878. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the reaction high crossing at 14.130 is the next upside target. Closes below the 20-day moving average crossing at 12.321 would temper the near-term friendly outlook in the market. First resistance is Thursday's high crossing at 13.880. Second resistance is the reaction high crossing at 14.130. First support is the 10-day moving average crossing at 12.535. Second support is the 20-day moving average crossing at 12.321.
December Copper closed lower on Friday as it extended this week's decline below the 10-day moving average crossing at 312.28. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 300.00 would renew the decline off July's high. If December renews Monday's rally, the 38% retracement level of the July-September decline crossing at 339.44 is the next upside target. First resistance is Monday's high crossing at 330.30. Second resistance is the 38% retracement level of the aforementioned decline crossing at 339.44. First support is today's low crossing at 304.50. Second support is last Thursday's low crossing at 300.00.
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