December Gold closed down 1.1 at 1014.4. This was 7.2 up from the low and 1.8 off the high.
December Silver finished down 0.205 at 16.91, 0.2 off the high and 0.19 up from the low.
Technical Outlook
COMEX SILVER (DEC) 09/24/2009: Momentum studies trending lower from overbought levels is a bearish indicator and would tend to reinforce lower price action. The market's short-term trend is negative as the close remains below the 9-day moving average. The market setup is somewhat negative with the close under the 1st swing support. The next downside target is now at 1636.0. Bearish daily studies indicate selling minor rallies this session. The next area of resistance is around 1714.0 and 1750.0, while 1st support hits today at 1657.0 and below there at 1636.0.
COMEX GOLD (DEC) 09/24/2009: Momentum studies are trending lower from high levels which should accelerate a move lower on a break below the 1st swing support. A negative signal for trend short-term was given on a close under the 9-bar moving average. The market tilt is slightly negative with the close under the pivot. The next downside target is now at 998.6. The next area of resistance is around 1016.3 and 1024.9, while 1st support hits today at 1003.1 and below there at 998.6.
December Silver finished down 0.205 at 16.91, 0.2 off the high and 0.19 up from the low.
Technical Outlook
COMEX SILVER (DEC) 09/24/2009: Momentum studies trending lower from overbought levels is a bearish indicator and would tend to reinforce lower price action. The market's short-term trend is negative as the close remains below the 9-day moving average. The market setup is somewhat negative with the close under the 1st swing support. The next downside target is now at 1636.0. Bearish daily studies indicate selling minor rallies this session. The next area of resistance is around 1714.0 and 1750.0, while 1st support hits today at 1657.0 and below there at 1636.0.
COMEX GOLD (DEC) 09/24/2009: Momentum studies are trending lower from high levels which should accelerate a move lower on a break below the 1st swing support. A negative signal for trend short-term was given on a close under the 9-bar moving average. The market tilt is slightly negative with the close under the pivot. The next downside target is now at 998.6. The next area of resistance is around 1016.3 and 1024.9, while 1st support hits today at 1003.1 and below there at 998.6.
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