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Are $2.99 Gas Prices Making A Comeback, OR Going Extinct?
7/16/2012 4:30:00 PM
Source:Elliott Wave International

July 18, 2012 - USA Market Close Daily Forecast Outlook by Ino

August Gold closed lower on Wednesday as it consolidated some of last Friday's rally. The mid-range close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to lower prices are possible near-term. If August renews this month's decline, the reaction low crossing at 1547.60 is the next downside target. Multiple closes above the 20-day moving average crossing at 1585.50 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1585.50. Second resistance is this month's high crossing at 1625.70. First support is the reaction low crossing at 1547.60. Second support is May's low crossing at 1529.30.

September Silver closed lower on Wednesday and the mid-range close set the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. If September renews the rally off June's low, June's high crossing at 29.915 is the next upside target. If September extends this month's decline, June's low crossing at 26.105 is the next downside target. First resistance is the reaction high crossing at 29.135. Second resistance is June's high crossing at 29.915. First support is June's low crossing at 26.105. Second support is weekly support crossing at 24.689.

September Copper closed higher on Wednesday and the high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible. If September renews the rally off June's low, the 50% retracement level of this year's decline crossing at 362.77 is the next upside target. Closes below the 20-day moving average crossing at 341.84 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is this month's high crossing at 355.65. Second resistance is the 50% retracement level of this year's decline crossing at 362.77. First support is June's low crossing at 325.00. Second support is the 87% retracement level of the October-February rally crossing at 320.07.

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