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COMEX SILVER (DEC)
The market now above the 40-day moving average suggests the longer-term trend has turned up. Momentum studies are trending higher but have entered overbought levels. The market's close above the 9-day moving average suggests the short-term trend remains positive. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next upside target is 1305.0. The next area of resistance is around 1294.0 and 1305.0, while 1st support hits today at 1273.1 and below there at 1263.1.
COMEX GOLD (DEC)
Momentum studies are trending higher but have entered overbought levels. The close above the 9-day moving average is a positive short-term indicator for trend. Since the close was above the 2nd swing resistance number, the market's posture is bullish and could see more upside follow-through early in the session. The near-term upside objective is at 731.0. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 726.9 and 731.0, while 1st support hits today at 715.3 and below there at 707.8.
COMEX COPPER (DEC)
The market now above the 40-day moving average suggests the longer-term trend has turned up. Momentum studies are trending higher but have entered overbought levels. The market's close above the 9-day moving average suggests the short-term trend remains positive. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next upside target is 1305.0. The next area of resistance is around 1294.0 and 1305.0, while 1st support hits today at 1273.1 and below there at 1263.1.
COMEX GOLD (DEC)
Momentum studies are trending higher but have entered overbought levels. The close above the 9-day moving average is a positive short-term indicator for trend. Since the close was above the 2nd swing resistance number, the market's posture is bullish and could see more upside follow-through early in the session. The near-term upside objective is at 731.0. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 726.9 and 731.0, while 1st support hits today at 715.3 and below there at 707.8.
COMEX COPPER (DEC)
Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The cross over and close above the 18-day moving average indicates the intermediate-term trend has turned up. If yesterday's gap higher on the day session chart holds, additional buying could develop this session. The market has a bullish tilt coming into today's trade with the close above the 2nd swing resistance. The next downside target is 331.05. The next area of resistance is around 341.90 and 343.75, while 1st support hits today at 335.55 and below there at 331.05.
CRUDE OIL (NOV)
CRUDE OIL (NOV)
Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. The market's close above the 9-day moving average suggests the short-term trend remains positive. It is a mildly bullish indicator that the market closed over the pivot swing number. The near-term upside target is at 77.96. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 77.62 and 77.96, while 1st support hits today at 76.38 and below there at 75.47.
