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PRECIOUS METALS

June gold was higher overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, 62% retracement level of the September-February-rally crossing at 1252.70 is the next downside target. Closes above the 20-day moving average crossing at 1297.50 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1291.70. Second resistance is the 20-day moving average crossing at 1297.50. First support is the 50% retracement level of the September-February-rally crossing at 1272.30. Second support is the 50% retracement level of the September-February-rally crossing at 1252.70.

May silver was steady to slightly higher overnight. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 15.104 are needed to confirm that a short-term low has been posted. If May resumes the decline off February's high, the 75% retracement level of the November-January-rally crossing at 14.644 is the next downside target. First resistance is the 20-day moving average crossing at 15.104. Second resistance is the 50-day moving average crossing at 15.377. First support is last-Monday's low crossing at 14.795. Second support is the 75% retracement level of the November-January-rally crossing at 14.644.

May copper was lower overnight while extending the February-April trading range. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 290.17 would open the door for additional weakness near-term. If May renews the rally off January's low, the 62% retracement level of the April-December-2018 decline crossing at 306.69 is the next upside target. First resistance the 50% retracement level of the April-December-2018 decline crossing at 296.76. Second resistance the 62% retracement level of the April-December-2018 decline crossing at 306.69. First support is the 50-day moving average crossing at 290.17. Second support is March's low crossing at 283.45.