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Analysis | Commodity Technical Analysis | Written by HY Markets | Mon Nov 05 12 01:14 ET

BULLION

GOLD closed sharply lower on Friday and the lowrange close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted. If it extends the decline off October's high, the 50% retracement level of the MayOctober rally crossing is the next downside target.

SILVER closed lower on Friday and the lowrange close set the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20day moving average crossing would signal that a shortterm low has been posted. If it extends the decline off October's high, the 62% retracement level of the JuneOctober rally crossing is the next downside target.

U.S. STOCK MARKET INDICES

US30 Index CFD closed lower on Friday and the lowrange close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible nearterm. Closes above the 20day moving average crossing would confirm that a shortterm low has been posted. If the Dow renews the decline off October's high, the 50% retracement level of the JuneOctober rally crossing is the next downside target.

ENERGY

US OIL closed lower on Friday. The highrange close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off September's high, the 87% retracement level of the JuneSeptember rally crossing is the next downside target. Closes above the 20day moving average crossing would confirm that a shortterm low has been posted.

NATURAL GAS closed sharply lower on Friday and the lowrange close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off this month's high, the 50% retracement level of the AugustOctober 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 close higher due to short covering on Friday and the highrange close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bearish signalling that additional weakness is possible nearterm. If it extends the decline off October's high, June's 2010low crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted.

HY Markets
http://www.hymarkets.com

 

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