December gold closed lower on Friday as it extends Thursday's breakout below the lower boundary of this fall's trading range crossing at 822.50. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are becoming oversold but remain bearish signaling that sideways to lower prices are possible near-term. If December extends today's decline, September's low crossing at 739.80 is the next downside target. Closes above the 20-day moving average crossing at 865.90 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 851.30. Second resistance is the 20-day moving average crossing at 865.90. First support is today's low crossing at 772.20. Second support is September's low crossing at 739.80.
December silver closed lower on Friday and below the 75% retracement level of the 2004-2008-rally crossing at 9.787. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December extends this fall's decline, the 87% retracement level crossing at 7.811 is the next downside target. Closes above the 20-day moving average crossing at 11.763 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 10.791. Second resistance is the 20-day moving average crossing at 11.763. First support is today's low crossing at 9.090. Second support is the 87% retracement level crossing at 7.811.
December copper closed higher on Friday due to short covering as it consolidated some of Thursday's decline. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, monthly support crossing at 201.33 is the next downside target. Closes above the 20-day moving average crossing at 263.50 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 230.85. Second resistance is Tuesday's high crossing at 252.95. First support is Thursday's low crossing at 204.05. Second support is monthly support crossing at 201.33.
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