PRECIOUS METALS http Commentary://quotes.ino.com/exchanges/?c=metals
December gold was lower due to profit taking overnight as it consolidates some of this month's
rally. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a
short-term top might be in or is near. Closes below the 20-day moving average crossing at 1092.40
would confirm that a short-term top has been posted. If December extends this rally into uncharted
territory, upside targets will be hard to project. First resistance is Wednesday's high crossing at
1153.40. First support is the 10-day moving average crossing at 1124.00. Second support is the
20-day moving average crossing at 1092.40.
December silver was lower due to profit taking overnight as it consolidates some of this week's
rally. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top
might be in or is near. Closes below last Friday's low crossing at 17.025 would confirm that a
short-term top has been posted. If December extends the rally off the late-October low, the July
2008 high crossing at 20.125 is the next upside target. First resistance is Wednesday's high
crossing at 18.855. Second resistance is the July 2008 high crossing at 20.125. First support is the
10-day moving average crossing at 17.871. Second support is last Friday's low crossing at 17.025.
December copper was lower due to profit taking overnight as it consolidates some of this week's
rally. Stochastics and the RSI are diverging and are turning bearish signaling that a short-term top
might be in or is near. Closes below the 20-day moving average crossing at 300.02 are needed to
confirm that a short-term top has been posted. If December extends this week's rally, the 87%
retracement level of the 2008-2009-decline crossing at 347.18 is the next upside target. First
resistance is Wednesday's high crossing at 317.20. Second resistance is the 87% retracement level
of the 2008-2009-decline crossing at 347.18. First support is the 10-day moving average crossing
at 302.75. Second support is the 20-day moving average crossing at 300.02.
