December Gold closed down 0.3 at 996.8. This was 11.8 up from the low and 2.8 off the high.
December Silver finished up 0.2 at 16.67, 0.05 off the high and 0.475 up from the low.
Technical Outlook
COMEX SILVER (DEC) 09/11/2009: Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. A positive signal for trend short-term was given on a close over the 9-bar moving average. The daily closing price reversal up is a positive indicator that could support higher prices.
The market has a slightly positive tilt with the close over the swing pivot. The next upside target is 1721.0. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 1704.0 and 1721.0, while 1st support hits today at 1638.0 and below there at 1589.0.
COMEX GOLD (DEC) 09/11/2009: Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. A positive signal for trend short-term was given on a close over the 9-bar moving average. The daily closing price reversal up on the daily chart is somewhat positive. It is a mildly bullish indicator that the market closed over the pivot swing number. The near-term upside target is at 1012.3. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1006.8 and 1012.3, while 1st support hits today at 989.6 and below there at 977.8.
December Silver finished up 0.2 at 16.67, 0.05 off the high and 0.475 up from the low.
Technical Outlook
COMEX SILVER (DEC) 09/11/2009: Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. A positive signal for trend short-term was given on a close over the 9-bar moving average. The daily closing price reversal up is a positive indicator that could support higher prices.
The market has a slightly positive tilt with the close over the swing pivot. The next upside target is 1721.0. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 1704.0 and 1721.0, while 1st support hits today at 1638.0 and below there at 1589.0.
COMEX GOLD (DEC) 09/11/2009: Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. A positive signal for trend short-term was given on a close over the 9-bar moving average. The daily closing price reversal up on the daily chart is somewhat positive. It is a mildly bullish indicator that the market closed over the pivot swing number. The near-term upside target is at 1012.3. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1006.8 and 1012.3, while 1st support hits today at 989.6 and below there at 977.8.
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