Crude Oil closed lower on Thursday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this month's decline, July's low crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
Natural Gas closed lower on Wednesday as it extended this month's decline. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off last week's high, May's low crossing is the next downside target. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.
Coffee closed lower on Thursday and the low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible near-term. If it renews this year's rally, monthly resistance crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
Gold closed higher on Thursday as it extends the rally off July's low. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off July's low, the 75% retracement level of the June-July decline crossing is the next upside target. Closes below the 20-day moving average crossing would temper the friendly outlook.
Silver closed lower due to profit taking on Thursday as it consolidates some of this week's rally. The low-range close sets the stage for a steady to lower opening on Friday. If it extends this week's rally, the reaction high crossing is the next upside target. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible near-term. Closes above resistance or below support crossing are needed to confirm a breakout of this summer's trading range.
