BULLION
Gold closed higher on Monday as it extends the short covering bounce off last Monday's low. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If it renews the rally off May's low, May's high crossing is the next upside target. Closes below last Monday's low crossing would confirm a top and trend change has taken place.
Silver closed higher due to short covering on Monday. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signalling that sideways to higher prices are possible near-term. Closes above last Friday's high crossing would confirm that a short-term low has been posted. If it extends the decline off the late-May high, the reaction low crossing is the next downside target.
U.S. STOCK MARKET INDICES
DJI closed higher due to short covering on Monday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signalling that sideways to higher prices are possible near-term. SPI closed higher due to short covering on Monday as it consolidates some of this spring's decline. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. NDI closed higher due to short covering on Monday as it consolidates some of the decline off May's high. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term.
ENERGY
Crude Oil closed lower due to short covering on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, the 50% retracement level of the 2010-2011-rally crossing is the next downside target. Closes above the 20-dasy moving average crossing would confirm that a short-term low has been posted.
Natural Gas
Natural Gas closed lower on Monday as it extends this month's decline. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off this month's high, the reaction low crossing is the next downside target. Closes above the 10-day moving average crossing are needed to confirm that a short-term low has been posted.
COFFEE
Coffee closed lower on Monday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off May's high, the 38% retracement level of this year's rally crossing is the next downside target.
HY Markets
http://www.hymarkets.com
http://www.hymarkets.com
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