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PRECIOUS METALS

December gold closed higher due to short covering on Friday as it consolidated some of the decline off September's high. 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 oversold but remain neutral to bearish signaling that sideway to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1292.90 would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at 1323.10 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 1323.10. Second resistance is September's high crossing at 1362.40. First support is the 50-day moving average crossing at 1292.90. Second support is the reaction low crossing at 1281.30.

December silver closed slightly lower on Friday as it extended the decline off September's high. The low-range close set the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are ovesold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, August's low crossing at 16.190 is the next downside target. Closes above the 20-day moving average crossing at 17.610 would confirm that a short-term low has been posted. First resistance is the 50% retracement level of the 2016-2017-decline crossing at 18.203. Second resistance is the 62% retracement level of the 2016-2017-decline crossing at 18.946. First support is the reaction low crossing at 16.645. Second support is August's low crossing at 16.190.

December copper closed higher due to short covering 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 oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If December extends this month's decline, the 50% retracement level of the May-September rally crossing at 284.03 is the next downside target. Closes above the 20-day moving average crossing at 304.16 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 304.16. Second resistance is September's high crossing at 317.85. First support is the 38% retracement level of the May-September-rally crossing at 292.04. Second support is the 50% retracement level of the May-September-rally crossing at 284.03.

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