BULLION
Gold closed lower due to profit taking on Wednesday as it consolidates some of this month's rally. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish hinting that a short-term top might be in or is near. If it extends last week's breakout above February's high, upside targets will be hard to project now that gold is trading into uncharted territory. Closes below the 20-day moving average crossing would confirm that a double top with February's high has been posted.
Silver closed lower due to profit taking on Wednesday as it consolidates some of the rally off July's low. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signalling that a short-term top might be in or is near. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted. If it extends the rally off August's low, the 75% retracement level of the 2008-decline crossing is the next upside target.
U.S. STOCK MARKET INDICES
DJI closed lower due to profit taking on Wednesday as it consolidates yesterday's rally. The low-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. SPI gapped down and closed lower due to profit taking on Wednesday. The low-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to lower prices are possible near-term. NDI closed lower due to profit taking on Wednesday as it consolidates some of this year's rally. The low-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term.
ENERGY
Crude Oil closed lower due to profit taking on Wednesday as it extends the late-summer trading range. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI a turning neutral hinting that sideways trading is possible near-term. Closes below the 20-day moving average crossing would temper the friendly outlook in the market.
Natural Gas closed higher due to short covering on Wednesday as it consolidates above the 25% retracement level of this year's decline crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends this month's rally, the 38% retracement level of this year's decline crossing is the next upside target.
COFFEE
Natural Gas closed higher due to short covering on Wednesday as it consolidates above the 25% retracement level of this year's decline crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends this month's rally, the 38% retracement level of this year's decline crossing is the next upside target.
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