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PRECIOUS METALS

December gold closed higher on Friday and above above the 50-day moving average crossing at 1290.00 confirming that a short-term low has been posted. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends today's rally, October's high crossing at 1308.40 is the next upside target. If December renews the decline off October's high, the reaction low crossing at 1257.10 is the next downside target. First resistance is October's high crossing at 1308.40. Second resistance is the reaction high crossing at 1317.10. First support is October's low crossing at 1262.80. Second support is the reaction low crossing at 1257.10.

December silver closed higher on Friday while extending the trading range of the past two-months. The high-range close set the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to higher signaling that sideways to higher prices are possible near-term. Closes above October's high crossing at 17.495 would confirm an upside breakout of the aforementioned trading range. If December renews the decline off October's high, October's low crossing at 16.345 is the next downside target. First resistance is October's high crossing at 17.495. Second resistance is the reaction high crossing at 18.125. First support is the reaction low crossing at 16.600. Second support is October's low crossing at 16.345.

December copper closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Friday'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 December extends this week's decline, the reaction low crossing at 301.20 is the next downside target. Closes above the 20-day moving average crossing at 311.61 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 311.61. Second resistance is October's high crossing at 325.95. First support is the reaction low crossing at 301.20. Second support is October's low crossing at 292.60.

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