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PRECIOUS METALS

February gold closed higher on Friday. The high-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 price are possible near-term. Closes below the 20-day moving average crossing at 1310.90 are needed to confirm that a short-term top has been posted. If February extends the rally off December's low, the 87% retracement level of the September-December-decline crossing at 1349.30 is the next upside target. First resistance is Tuesday's high crossing at 1345.00. Second resistance is the 87% retracement level of the September-December-decline crossing at 1349.30. First support is the 10-day moving average crossing at 1326.00. Second support is the 20-day moving average crossing at 1310.90.

March silver closed higher 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 16.934 are needed to confirm that a short-term top has been posted. If March renews the rally off December's low, the 75% retracement level of the September-November-decline crossing at 17.686 is the next upside target. First resistance is the 62% retracement level of the September-December-decline crossing at 17.325. Second resistance is the 75% retracement level of the September-November-decline crossing at 17.686. First support is the 20-day moving average crossing at 16.934. Second support is the reaction low crossing at 16.140.

March copper closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the 50-day moving average crossing at 314.64 is the next downside target. If March resumes the rally off December's low, the August-2013 high crossing at 334.05 is the next upside target. First resistance is December's high crossing at 332.20. Second resistance is the August-13 high crossing at 334.05. First support is Wednesday's low crossing at 317.85. Second support is the 50-day moving average crossing at 314.64.

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