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PRECIOUS METALS

October gold was lower overnight. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1480.30 would signal that a short-term top has been posted. If October extends the rally off May's low, the 62% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1588.20 is the next upside target. First resistance is last-Tuesday's high crossing at 1539.50. Second resistance is the 62% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1588.20. First support is the 20-day moving average crossing at 1480.30. Second support is the 50-day moving average crossing at 1436.40.

September silver was lower overnight. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 16.759 would confirm that a short-term top has been posted. If September extends the rally off May's low, the 87% retracement level of the 2018 decline crossing at 17.906 is the next upside target. First resistance is the 75% retracement level of the 2018 decline crossing at 17.416. Second resistance is the 87% retracement level of the 2018 decline crossing at 17.906. First support is the 20-day moving average crossing at 16.759. Second support is the 50-day moving average crossing at 15.973.

September copper was steady to slightly lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 266.07 are needed to confirm that a short-term low has been posted. If September renews the decline off July's high, monthly support crossing at 252.64 is the next downside target. First resistance is the 50-day moving average crossing at 266.07. Second resistance is July's high crossing at 280.30. First support is August's low crossing at 253.15. Second support is monthly support crossing at 252.64.