Ø  May silver was slightly higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 20.090 are needed to confirm that a short-term low has been posted while opening the door for additional short covering gains. If May renews the decline off February's high, the 87% retracement level of the January-February-rally crossing at 19.233 is the next downside target. First resistance is the 20-day moving average crossing at 20.090. Second resistance is the reaction high crossing at 21.795. First support is the 75% retracement level of the January-February-rally crossing at 19.647. Second support is the 87% retracement level of the January-February-rally crossing at 19.233.

Ø  October gold closed lower on Friday and the low-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October renews the decline off August's high, August's low crossing at 1272.10 is the next downside target. Closes above the 20-day moving average crossing at 1329.50 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1329.50. Second resistance is the reaction high crossing at 1375.50. First support is the reaction low crossing at 1281.80. Second resistance is August's low crossing at 1272.10.

Ø  December silver closed lower on Friday. The mid-range close set the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 22.078 are needed to confirm that a low has been posted. If December extends the decline off August's high, August's low crossing at 19.145 is the next downside target. First resistance is the 20-day moving average crossing at 22.078. Second resistance is the reaction high crossing at 23.445. First support is Tuesday's low crossing at 20.630. Second support is the 75% retracement level of the June-August rally crossing at 19.937.

Ø  October gold closed sharply lower on Thursday extending the decline off August's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If October extends this week's decline, August's low crossing at 1272.10 is the next downside target. Closes above the 20-day moving average crossing at 1382.20 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 1382.20. Second resistance is August's high crossing at 1432.90. First support is today's low crossing at 1322.40. Second resistance is August's low crossing at 1272.10.

Ø  December silver closed sharply lower on Thursday renewing the decline off August's high. The low-range close set the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, August's low crossing at 19.145 is the next downside target. Closes above the 20-day moving average crossing at 23.512 would temper the near-term bearish outlook. First resistance is August's high crossing at 25.160. Second resistance is the 50% retracement level of the September-June decline crossing at 26.862. First support is today's low crossing at 21.890. Second support is the reaction low crossing at 19.145.

Ø  October gold closed lower on Tuesday and below the 20-day moving average crossing at 1380.50 confirming that a short-term low has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If October extends today's decline, the reaction low crossing at 1351.60 is the next downside target. Closes above the 10-day moving average crossing at 1395.70 would temper the near-term bearish outlook. First resistance is the reaction high crossing at 1432.90. Second resistance is May's high crossing at 1489.00. First support is the reaction low crossing at 1351.60. Second resistance is August's low crossing at 1272.10.

Ø  December silver closed lower on Tuesday and below the 20-day moving average crossing at 23.416 confirming that a short-term top has been posted. The low-range close set the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December extends today's decline, the reaction low crossing at 22.320 is the next downside target. If December renews the rally off June's low, the 50% retracement level of the September-June decline crossing at 26.862 is the next upside target. First resistance is August's high crossing at 25.160. Second resistance is the 50% retracement level of the September-June decline crossing at 26.862. First support is today's low crossing at 22.840. Second support is the reaction low crossing at 22.320.

Ø  October gold closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If October extends last week's decline, the reaction low crossing at 1351.60 is the next downside target. Closes above the 10-day moving average crossing at 1398.60 would temper the near-term bearish outlook. First resistance is the reaction high crossing at 1432.90. Second resistance is May's high crossing at 1489.00. First support is the reaction low crossing at 1351.60. Second resistance is August's low crossing at 1272.10.

Ø  December silver closed lower on Monday. The low-range close set the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 23.337 are needed to confirm that a short-term top has been posted. If December renews the rally off June's low, the 50% retracement level of the September-June decline crossing at 26.862 is the next upside target. First resistance is August's high crossing at 25.160. Second resistance is the 50% retracement level of the September-June decline crossing at 26.862. First support is the 20-day moving average crossing at 23.338. Second support is the reaction low crossing at 22.320.