December Gold closed down 3.2 at 1010.3. This was 2.3 up from the low and 9.2 off the high.
December Silver finished down 0.2 at 17.065, 0.245 off the high and 0.055 up from the low.
Technical Outlook
COMEX SILVER (DEC) 09/21/2009: The daily stochastics gave a bearish indicator with a crossover down. Momentum studies trending lower from overbought levels is a bearish indicator and would tend to reinforce lower price action. The market's close above the 9-day moving average suggests the short-term trend remains positive. It is a slightly negative indicator that the close was under the swing pivot. The next downside objective is 1661.5. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1727.0 and 1757.5, while 1st support hits today at 1679.0 and below there at 1661.5.
COMEX GOLD (DEC) 09/21/2009: The daily stochastics have crossed over down which is a bearish indication. Daily stochastics turning lower from overbought levels is bearish and will tend to reinforce a downside break especially if near term support is penetrated. The close above the 9-day moving average is a positive short-term indicator for trend. The market's close below the pivot swing number is a mildly negative setup. The next downside target is now at 999.0. The next area of resistance is around 1014.7 and 1023.1, while 1st support hits today at 1002.7 and below there at 999.0.
December Silver finished down 0.2 at 17.065, 0.245 off the high and 0.055 up from the low.
Technical Outlook
COMEX SILVER (DEC) 09/21/2009: The daily stochastics gave a bearish indicator with a crossover down. Momentum studies trending lower from overbought levels is a bearish indicator and would tend to reinforce lower price action. The market's close above the 9-day moving average suggests the short-term trend remains positive. It is a slightly negative indicator that the close was under the swing pivot. The next downside objective is 1661.5. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1727.0 and 1757.5, while 1st support hits today at 1679.0 and below there at 1661.5.
COMEX GOLD (DEC) 09/21/2009: The daily stochastics have crossed over down which is a bearish indication. Daily stochastics turning lower from overbought levels is bearish and will tend to reinforce a downside break especially if near term support is penetrated. The close above the 9-day moving average is a positive short-term indicator for trend. The market's close below the pivot swing number is a mildly negative setup. The next downside target is now at 999.0. The next area of resistance is around 1014.7 and 1023.1, while 1st support hits today at 1002.7 and below there at 999.0.
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