***PRECIOUS METALS RECAP - 9/24/2009
December Gold closed down 15.5 at 998.9. This was 4.9 up from the low and 22.1 off the high.
December Silver finished down 0.615 at 16.295, 0.75 off the high and 0.03 up from the low.
Technical Outlook
COMEX SILVER (DEC) 09/25/2009: Momentum studies trending lower at mid-range should accelerate a move lower if support levels are taken out. The close under the 18-day moving average indicates the intermediate-term trend could be turning down. There could be some early pressure today given the market's negative setup with the close below the 2nd swing support. The next downside target is 1558.8. The next area of resistance is around 1671.0 and 1730.7, while 1st support hits today at 1585.0 and below there at 1558.8.
COMEX GOLD (DEC) 09/25/2009: Declining momentum studies in the neutral zone will tend to reinforce lower price action. The market back below the 18-day moving average suggests the intermediate-term trend could be turning down. The outside day down is somewhat negative. The market is in a bearish position with the close below the 2nd swing support number. The next downside objective is now at 970.9. The next area of resistance is around 1009.8 and 1030.2, while 1st support hits today at 980.2 and below there at 970.9.
December Gold closed down 15.5 at 998.9. This was 4.9 up from the low and 22.1 off the high.
December Silver finished down 0.615 at 16.295, 0.75 off the high and 0.03 up from the low.
Technical Outlook
COMEX SILVER (DEC) 09/25/2009: Momentum studies trending lower at mid-range should accelerate a move lower if support levels are taken out. The close under the 18-day moving average indicates the intermediate-term trend could be turning down. There could be some early pressure today given the market's negative setup with the close below the 2nd swing support. The next downside target is 1558.8. The next area of resistance is around 1671.0 and 1730.7, while 1st support hits today at 1585.0 and below there at 1558.8.
COMEX GOLD (DEC) 09/25/2009: Declining momentum studies in the neutral zone will tend to reinforce lower price action. The market back below the 18-day moving average suggests the intermediate-term trend could be turning down. The outside day down is somewhat negative. The market is in a bearish position with the close below the 2nd swing support number. The next downside objective is now at 970.9. The next area of resistance is around 1009.8 and 1030.2, while 1st support hits today at 980.2 and below there at 970.9.
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