August 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 at 913.20. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If August extends this week’s decline, the reaction low crossing at 882.00 is the next downside target. Closes above the reaction high crossing at 949.00 are needed to confirm that a short-term low has been posted.

First resistance is the 20-day moving average crossing at 930.80. Second resistance is the reaction high crossing at 949.00. First support is Wednesday’s low crossing at 904.80. Second support is the reaction low crossing at 882.00.

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September Silver posted an inside day with a higher close on Thursday as it consolidates 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 still possible. If September extends the decline off June’s high, the 50% retracement level of the aforementioned decline crossing at 12.562 is the next downside target. Closes above the 20-day moving average crossing at 13.907 are needed to confirm that a short-term low has been posted.

First resistance is the 10-day moving average crossing at 13.510. Second resistance is the 20-day moving average crossing at 13.907. First support is Wednesday’s low crossing at 12.740. Second support is the 50% retracement level crossing at 12.562.

September Copper closed higher due to short covering on Thursday as it consolidates some of this week’s decline but remains below 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 bearish signaling that sideways to lower prices are possible near-term. If September extends this week’s decline, June’s low crossing at 212.35 is the next downside target. Closes above last week’s high crossing at 236.90 are needed to confirm that a short-term low has been posted.

First resistance is the 20-day moving average crossing at 226.92. Second resistance is last Wednesday’s high crossing at 236.90. First support is Wednesday’s low crossing at 214.20. Second support is June’s low crossing near 212.35.

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