Precious Metals Market Summary for Monday April 14th
April gold closed higher on Monday as it extends this month’s rally. The high range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term. If April extends this month’s rally, the reaction high crossing at 1343.00 is the next upside target. Closes below the 10 day moving average 1303.60 would confirm that a short term top has been posted. First resistance is today’s high crossing at 1330.00. Second resistance is the reaction high crossing at 1343.00. First support is the 10 day moving average 1303.60. Second support is April’s low crossing at 1277.30.
May silver closed higher on Monday. The mid range close set the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above last Thursday’s high crossing at 20.400 would confirm that a short term low has been posted. If May renews the decline off February’s high, the 87% retracement level of the January-February rally crossing at 19.233 is the next downside target. First resistance is last Thusday’s high crossing at 20.400. Second resistance is the reaction high crossing at 21.795. First support is the 75% retracement level of the January-February rally crossing at 19.647. Second support is the 87% retracement level of the January-February rally crossing at 19.233.
May copper closed lower on Monday. The low range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 300.89 would confirm that a short term low has been posted. If May extends the rally off March’s low, the 50% retracement level of the December-March decline crossing at 314.55 is the next upside target. First resistance is is the 38% retracement level of the December-March decline crossing at 308.20. Second resistance is the 50% retracement level of the December-March decline crossing at 314.55. First support is the 20 day moving average crossing at 300.89. Second support is March’s low crossing at 287.70.
Is the Correction on? It’s Meltdown American Style!
Source: http://goldetftrader.blogspot.com/2014/04/precious-metals-market-summary-for.html
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