December Gold closed up 5.2 at 1006.3. This was 13.3 up from the low and 1.9 off the high.
December Silver finished up 0.377 at 17, 0.02 off the high and 0.49 up from the low.
Technical Outlook
COMEX SILVER (DEC) 09/16/2009: Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. The close above the 9-day moving average is a positive short-term indicator for trend. The market setup is supportive for early gains with the close over the 1st swing resistance. The next upside target is 1754.0. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1736.0 and 1754.0, while 1st support hits today at 1672.0 and below there at 1626.0.
COMEX GOLD (DEC) 09/16/2009: 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 upside daily closing price reversal gives the market a bullish tilt. The close over the pivot swing is a somewhat positive setup. The near-term upside objective is at 1023.9. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1017.9 and 1023.9, while 1st support hits today at 999.5 and below there at 987.0.
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