December Gold closed up 10.6 at 1015.5. This was 1 up from the low and 6 off the high.
December Silver finished up 0.235 at 17.115, 0.21 off the high and 0.015 up from the low.
Technical Outlook
COMEX SILVER (DEC) 09/23/2009: Daily stochastics turning lower from overbought levels is bearish and will tend to reinforce a downside break especially if near term support is enetrated. The market's short-term trend is positive on the close above the 9-day moving average. Market positioning is positive with the close over the 1st swing resistance. The next downside target is 1660.9. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 1741.7 and 1763.8, while 1st support hits today at 1690.3 and below there at 1660.9.
COMEX GOLD (DEC) 09/23/2009: Momentum studies are trending lower from high levels which should accelerate a move lower on a break below the 1st swing support. A positive signal for trend short-term was given on a close over the 9-bar moving average. There could be more upside follow through since the market closed above the 2nd swing resistance. The next downside objective is now at 997.4. The next area of resistance is around 1025.0 and 1031.9, while 1st support hits today at 1007.8 and below there at 997.4.
December Silver finished up 0.235 at 17.115, 0.21 off the high and 0.015 up from the low.
Technical Outlook
COMEX SILVER (DEC) 09/23/2009: Daily stochastics turning lower from overbought levels is bearish and will tend to reinforce a downside break especially if near term support is enetrated. The market's short-term trend is positive on the close above the 9-day moving average. Market positioning is positive with the close over the 1st swing resistance. The next downside target is 1660.9. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 1741.7 and 1763.8, while 1st support hits today at 1690.3 and below there at 1660.9.
COMEX GOLD (DEC) 09/23/2009: Momentum studies are trending lower from high levels which should accelerate a move lower on a break below the 1st swing support. A positive signal for trend short-term was given on a close over the 9-bar moving average. There could be more upside follow through since the market closed above the 2nd swing resistance. The next downside objective is now at 997.4. The next area of resistance is around 1025.0 and 1031.9, while 1st support hits today at 1007.8 and below there at 997.4.
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