December Gold closed down 6.7 at 1013.5. This was 2.9 up from the low and 8 off the high.
December Silver finished down 0.165 at 17.265, 0.3 off the high and 0.055 up from the low.
Technical Outlook
COMEX SILVER (DEC) 09/18/2009: Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. The market's close above the 9-day moving average suggests the short-term trend remains positive. The daily closing price reversal down is a negative indicator for prices. The market's close below the pivot swing number is a mildly negative setup. The near-term upside objective is at 1784.0. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 1751.0 and 1784.0, while 1st support hits today at 1703.0 and below there at 1688.0.
COMEX GOLD (DEC) 09/18/2009: Momentum studies are trending higher but have entered overbought levels. The close above the 9-day moving average is a positive short-term indicator for trend. The market could take on a defensive posture with the daily closing price reversal down. The market tilt is slightly negative with the close under the pivot. The near-term upside target is at 1031.6. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 1022.4 and 1031.6, while 1st support hits today at 1007.2 and below there at 1001.3.
December Silver finished down 0.165 at 17.265, 0.3 off the high and 0.055 up from the low.
Technical Outlook
COMEX SILVER (DEC) 09/18/2009: Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. The market's close above the 9-day moving average suggests the short-term trend remains positive. The daily closing price reversal down is a negative indicator for prices. The market's close below the pivot swing number is a mildly negative setup. The near-term upside objective is at 1784.0. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 1751.0 and 1784.0, while 1st support hits today at 1703.0 and below there at 1688.0.
COMEX GOLD (DEC) 09/18/2009: Momentum studies are trending higher but have entered overbought levels. The close above the 9-day moving average is a positive short-term indicator for trend. The market could take on a defensive posture with the daily closing price reversal down. The market tilt is slightly negative with the close under the pivot. The near-term upside target is at 1031.6. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 1022.4 and 1031.6, while 1st support hits today at 1007.2 and below there at 1001.3.
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