Mtechtips GOLD comex,SILVER comex,COPPER comex intraday trading analysis
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Gold October closed higher on Wednesday as it consolidated some of this week’s decline. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading.If October renews the decline off July’s high, the reaction low crossing at 1564.50 is the next downside target. Closes above the reaction high crossing at 1644.00 are needed to confirm an upside breakout of this summer’s trading range. First resistance is July’s high crossing at 1626.90. Second resistance is the reaction high crossing at 1644.00. First support is the reaction low crossing at 1584.20. Second support is the reaction low crossing at 1564.50.
Silver September closed higher on Wednesday while extending this summer’s trading range. The high-range close set the stage for a steady to higher opening when Thursday’s night session begins trading. Closes below 27.628 would temper the near-term friendly outlook. 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 the 20-day moving average crossing at 27.628. Second support is the reaction low crossing at 26.880.
September copper closed lower on Tuesday and the mid-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading.If September renews the decline off July’s high, June’s low crossing at 325.00 is the next downside target. Closes above the reaction high crossing at 345.70 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 345.70. Second resistance is July’s high crossing at 355.65. First support is the reaction low crossing at 326.50. Second support is June’s low crossing at 325.00.
