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PRECIOUS METALS
Precious Metals: February gold was slightly higher overnight and sets the stage for a slightly higher opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off the November 13th low, the 87% retracement level of the May-October decline crossing at $2102.00 is the next upside target. Closes below the 20-day moving average crossing at 2006.80 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the May-October decline crossing at $2066.20. Second resistance is the 87% retracement level of the May-October decline crossing at $2102.00. First support is the 10-day moving average crossing at $2021.00. Second is the 20-day moving average crossing at 2006.80.
March silver was slightly higher overnight as it extends the rally off October's low. Overnight trading sets the stage for a slightly higher opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the August 30th high crossing at 25.775 is the next upside target. Closes below the 20-day moving average crossing at $23.825 would signal that a short-term top has been posted. First resistance is the August 30th high crossing at 25.775. Second resistance is the July 20th high crossing at 26.100. First support is the 10-day moving average crossing at 24.499. Second support is the 20-day moving average crossing at $23.825.
December copper was slightly higher in late-overnight trading. Overnight trading sets the stage for a slightly higher opening when the day 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 the rally off October's low, the September 15th high crossing at 3.8515 is the next upside target. Closes below the 20-day moving average crossing at 3.7157 would signal that a short-term top has been posted. First resistance is the September 15th high crossing at 3.8515. Second resistance is September's high crossing at 3.9085. First support is the 20-day moving average crossing at 3.7157. Second support is the 50-day moving average crossing at 3.6644.