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PRECIOUS METALS

August gold closed lower on Friday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $1770.70 would confirm that a short-term top has been posted. If August extends the rally off the June 5th low, monthly resistance crossing at $1832.90 is the next upside target. First resistance is Wednesday's high crossing at $1829.80. Second resistance is monthly resistance crossing at $1832.90. First support is the 20-day moving average crossing at $1774.10. Second support is the 50-day moving average crossing at $1747.20.

September silver closed higher on Friday and above the upper boundary of the May-June trading range crossing 19.035. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, last-September's high crossing at 20.020 is the next upside target. Closes below the 20-day moving average crossing at 18.221 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 19.445. Second resistance is last-September's high crossing at 20.020. First support is the 20-day moving average crossing at 18.221. Second support is the 50-day moving average crossing at 17.536.

September copper closed sharply higher on Friday as it extends the rally off March's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off March's low, the April-2019 high crossing at 301.65 is the next upside target. Closes below the 20-day moving average crossing at 270.38 would signal that a short-term top has been posted. First resistance is today's high crossing at 291.40. Second resistance is the April-2019 high crossing at 301.65. First support is the 10-day moving average crossing at 277.51. Second support is the 20-day moving average crossing at 270.38.