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PRECIOUS METALS

August gold was lower overnight and posted a new low for the year. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, the December-2021 low crossing at $1764.10 is the next downside target. Closes above the 20-day moving average $1834.10 would signal that a short-term low has been posted. First resistance is the 20-day moving average $1834.10. Second is the 50-day moving average crossing at $1854.90. First support is the overnight low crossing at $1784.20. Second support is the December-2021 low crossing at $1764.10.

September silver was sharply lower overnight as it extends this week's decline to a new low for the year. The low-range trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month's decline, the 62% retracement level of the 2020-2021 rally on the weekly continuation chart crossing at $18.789 is the next downside target. Closes above the 20-day moving average crossing at $21.419 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $20.993. Second resistance is the 20-day moving average crossing at 21.419. First support is the overnight low crossing at $19.480. Second support is the 62% retracement level of the 2020-2021 rally on the weekly continuation chart crossing at $18.789.

September copper was lower overnight as it extends the decline off June's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, the February-2021 low crossing at 3.4940 is the next downside target. Closes above the 20-day moving average crossing at 4.0692 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.8124. Second resistance is the 20-day moving average crossing at 4.0692. First support is the 50% retracement level of the 2020-2022 rally crossing at 3.5830. Second support is the February-2021 low crossing at 3.4940.