BULLION

Gold closed higher on Thursday and tested the 87% retracement level of the June-July decline crossing. Stochastics and the RSI are overbought, diverging but are neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off July's low, June's high crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.

Silver closed higher on Thursday as it extends the rally off July's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, May's high crossing is the next upside target.

U.S. STOCK MARKET INDICES

DJI losed higher on Thursday and above the 20-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned bullish signalling that additional strength is possible near-term. SPI closed higher on Thursday as it extended yesterday's breakout above the 20-day moving average. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signalling that additional gains are possible near-term. NDI closed higher on Thursday and above the 20-day moving average crossing confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signalling that additional gains are possible near-term.

ENERGY

Crude Oil closed higher on Thursday and the high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it renews the decline off August's high, May's low crossing is the next downside target.

COFFEE

Coffee closed higher on Thursday as it extends this week's rally above the 10-day moving average. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If it extends this rally, August's high crossing is the next upside target. Closes below last Wednesday's low crossing would confirm that a top has been posted.

HY Markets
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