BULLION

Gold posted an inside day with a higher close on Thursday as it consolidated some of Wednesday's decline but remains below June's low crossing. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, the reaction low crossing is the next downside target. Closes above the reaction high crossing are needed to confirm that a short-term low has been posted.

Silver posted an inside day with a slightly lower close on Thursday as it extends some of this week's decline. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are oversold but remain bearish signalling that sideways to lower prices are still possible. If it extends the decline off June's high, the 50% retracement level of the aforementioned decline 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.

U.S. STOCK MARKET INDICES

DJI closed slightly lower on Thursday due to short covering as it extended some of this week's decline. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. SPI closed higher due to short covering on Thursday as it consolidated some of the week's decline. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. NDI closed higher due to short covering on Thursday as it consolidated some of this week's decline. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term.

ENERGY

Crude Oil closed slightly higher due to light short covering on Thursday as it consolidates below the 38% retracement level of this spring's rally crossing. The mid-range close sets the stage for a steady 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 June's high, the 50% retracement level of this spring's rally crossing is the next downside target.

Natural Gas closed higher on Thursday due to short covering as it consolidates some of this week's decline but remains below broken support marked by April's low crossing. The mid-range close sets the stage for a steady 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 summer's decline, weekly support crossing is the next downside target.

COFFEE

Coffee closed higher due to short covering on Thursday as it consolidated some of this week'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 June's high, March'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.

HY Markets
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