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PRECIOUS METALS

June gold closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, May's high crossing at 1272.40 is the next upside target. Closes below the 20-day moving average crossing at 1243.50 would confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 1265.00. Second resistance is May's high crossing at 1272.40. First support is May's low crossing at 1214.30. Second support is March's low crossing at 1198.00.

July silver closed higher on Wednesday. The high-range close set the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this month's rally, the 50-day moving average crossing at 17.489 is the next upside target. Closes below the 20-day moving average crossing at 16.690 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 17.489. Second resistance is the reaction high crossing at 18.050. First support is May's low crossing at 16.060. Second support is December's low crossing at 15.859.

July copper closed slightly lower on Wednesday. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 260.16 would confirm that a short-term top has been posted. If July resumes this month's decline, December's low crossing at 246.25 is the next downside target. First resistance is May's high crossing at 269.45. Second resistance is the reaction high crossing at 273.10. First support is May's low crossing at 247.25. Second support is December's low crossing at 246.25.

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