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PRECIOUS METALS

October gold was lower overnight as traders position themselves for a Federal Reserve update on interest-rate policy. The Fed is not expected to change its benchmark interest rate at this meeting but its statement may have to address recent signs of soft inflation. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1237.40 are needed to confirm that a short-term top has been posted. If October resumes this month's rally, the reaction high crossing at 1263.60 is the next upside target. First resistance is the reaction high crossing at 1263.60. Second resistance is the reaction high crossing at 1287.20. First support is July's low crossing at 1207.60. Second support is March's low crossing at 1201.40.

September silver was lower due to profit taking overnight as it consolidates some of the rally off July's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this month's rally, the 50-day moving average crossing at 16.707 is the next upside target. Closes below the 20-day moving average crossing at 16.165 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 16.707. Second resistance is the reaction high crossing at 16.915. First support is July's low crossing at 15.145. Second support is the 87% retracement level of the 2015-2016-rally crossing at 14.910.

September copper was higher overnight as it extends the rally off May's low but well off session highs. The low-range close sets the stage for a steady to lower opening when the day 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 September extends the rally off May's low, the May-2015 high crossing at 293.75 is the next upside target. Closes below the 20-day moving average crossing at 270.78 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 290.55. Second resistance is the May-2015 high crossing at 293.75. First support is the 10-day moving average crossing at 274.01. Second support is the 20-day moving average crossing at 270.78.

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