Energy and Precious Metals Technical Analysis
Jul 04, 2013.
BULLION
GOLD closed higher on Wednesday. The highrange close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning bullish hinting that a low might be in or is near. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted. If it extends this year's decline, monthly support crossing is the next downside target.
SILVER closed higher on Wednesday. The highrange close set the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning bullish hinting that a low might be in or is near. If it renews this year's decline, monthly support crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a low has been posted.

U.S. STOCK MARKET INDICES
US30 Index CFD closed higher on Wednesday and the highrange close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If the Dow extends the decline off May's high, the 38% retracement level of the NovemberMay rally crossing is the next downside target. Multiple closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted.
ENERGY
US OIL closed higher on Wednesday and the midrange close sets the stage for a steady opening when Thursday's night session begins. Stochastics and the RSI are bullish signlaling that sideways to higher prices are possible nearterm. If it extends this week's rally, January's high crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.

NATURAL GAS closed higher due to short covering on Wednesday and the highrange close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off May's high, the 87% retracement level of this year's rally crossing is the next downside target. Closes above the 20day moving average crossing would confirm that a shortterm low has been posted.

COFFEE
US Coffee CFD closed lower on Wednesday. The lowrange close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off May's high, weekly support crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted.

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