TRADING THE PRECIOUS METALS
August gold closed lower on Monday and above he 20-day moving average crossing at 672.80 confirming that a short-term low has been posted. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If August extends last week's rally, the reaction high crossing at 682.60 is the next upside target. Closes below the 10-day moving average crossing at 666.80 would temper the near-term friendly outlook in the market.
July silver closed slightly lower on Monday as it consolidates some of last week's rally but remains above trendline resistance crossing near 13.673. The low-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If July extends last week's rally, April's high crossing at 14.30 is the next upside target. Closes below the 10-day moving average crossing at 13.252 would signal that a short-term top has been posted.
July copper closed higher on Monday and above the 20-day moving average crossing at 343.87 confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the reaction high crossing at 369.70 is the next upside target. Closes below the 10-day moving average crossing at 334.00 would temper the near- term friendly outlook.
TRADING FOOD & FIBER
July coffee closed lower on Monday and below the 38% retracement level of this year's decline crossing at 115.68. The low- range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral hinting that sideways to higher prices are possible near-term. If July extends last week's rally, the 50% retracement level crossing at 119.52 is the next upside target. Closes below the 20-day moving average crossing at 110.29 are needed to confirm that a top has been posted.
July cocoa closed lower on Monday as it extended last week's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this Monday's decline, May's low crossing at 17.55 is the next downside target. Closes above the 10-day moving average crossing at 19.11 would temper the near-term bearish outlook in the market.
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