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December gold was higher overnight as it extends this week's rally into uncharted territory. Continued weakness in the U.S. Dollar along with fears of inflation continues to underpin this week's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. As December extends this week's rally into uncharted territory, upside targets will be hard to project. Closes below the reaction low crossing at 985.50 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1059.60. First support is the 10-day moving average crossing at 1015.20. Second support is the reaction low crossing at 985.50.
December silver was higher overnight and is trading above September's high crossing at 17.690 thereby renewing the rally off July's low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the 75% retracement level of 2008's decline crossing at 18.180 is the next upside target. Closes below the reaction low crossing at 15.760 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 17.930. Second resistance is the 75% retracement level of 2008's decline crossing at 18.180. First support is the 20-day moving average crossing at 16.810. Second support is the 10-day moving average crossing at 16.693.
December copper was higher overnight and trading above the 20-day moving average crossing at 279.44. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 279.44 would confirm that a short-
term low has been posted.
Closes above the reaction high crossing at 298.95 or below 266.00 are needed to confirm a breakout of the current trading range and point the direction of the next trending move. First resistance is the overnight high crossing at 287.00. Second resistance is the reaction high crossing at 295.50. First support is the 10-day moving average crossing at 275.88. Second support is last Friday's low crossing at 264.00.
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