Gold Silver Copper Forecast Outlook

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February 03, 2012 - USA Market Daily Forecast Outlook by MarketClub

April Gold posted a key reversal down on Friday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off December's low, the 62% retracement level of the September-December decline crossing at 1772.28 is the next upside target. Closes below the 20-day moving average crossing at 1683.30 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1765.90. Second resistance is the 62% retracement level of the September-December decline crossing at 1772.80. First support is the 10-day moving average crossing at 1722.90. Second support is the 20-day moving average crossing at 1683.30.

March Silver closed lower due to profit taking on Friday as it consolidated some of the rally off December's low. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 87% retracement level of the November-December decline crossing at 34.492 is the next upside target. Closes below the 20-day moving average crossing at 31.642 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 34.410. Second resistance is the 87% retracement level of the November-December decline crossing at 34.492. First support is the 10-day moving average crossing at 33.317. Second support is the 20-day moving average crossing at 31.642.

March Copper closed higher on Friday following today's bullish employment report. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are diverging but are turning neutral hinting that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 62% retracement level of the August-October decline crossing at 395.77 is the next upside target. Closes below the 20-day moving average crossing at 372.96 would confirm that a short-term top has been posted. First resistance is last Friday's high crossing at 393.90. Second resistance is the 62% retracement level of the August-October decline crossing at 395.77. First support is the 20-day moving average crossing at 372.96. Second support is January's low crossing at 337.80.

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