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PRECIOUS METALS

April gold closed slightly higher on Wednesday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 10-day moving average crossing at $1590.30 are needed to confirm that a short-term top has been posted. If April renews the rally off March's low, March's high crossing at $1704.30. First resistance is the March 25th high crossing at $1699.30. Second resistance is March's high crossing at $1704.30. First support is today's low crossing at $1570.00. Second support is March's low crossing at $1450.90.

May silver closed lower on Wednesday as it consolidates some of the rally off March's low. The low-range close set the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 14.611 are needed to confirm that a short-term low has been posted. If May resumes the decline off February's high, weekly support crossing at 8.400 is the next downside target. First resistance is the 20-day moving average crossing at 14.611. Second resistance is the 50-day moving average crossing at 16.536. First support is the 10-day moving average crossing at 13.883. Second support is March's low crossing at 11.640.

May copper closed lower on Wednesday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 230.64 are needed to confirm that a short-term low has been posted. If May resumes this year's decline, the January-2016 low on the monthly continuation chart crossing at 193.55 is the next downside target. First resistance is Tuesday's high crossing at 224.80. Second resistance is the 20-day moving average crossing at 230.64. First support is March's low crossing at 197.25. Second support is the January-2016 low on the monthly continuation chart crossing at 193.55.