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PRECIOUS METALS

June gold closed lower on Friday as it extends the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are overbought but remain neutral signaling that sideways trading is possible near-term. If April renews the rally off February's low, the March-2022 high crossing at 2097.20 is the next upside target. Closes below the March 22nd low crossing at 1953.70 would signal that a short-term top has been posted. First resistance is the March 20th high crossing at 2014.90. Second resistance is the March-2022 high crossing at 2097.20. First support is the Second support is the 20-day moving average crossing at 1944.50. Second support is the 50-day moving average crossing at 1918.70.

May silver closed higher on Friday as it extends this month's rally. The high-range close sets the stage for a steady to higher opening when Monday's day 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 May extends the aforementioned rally, February's high crossing at 24.935 is the next upside target. Closes below the 50-day moving average crossing at 22.399 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the February-March decline crossing at 24.286. Second resistance is February's high crossing at 24.935. First support is the 10-day moving average crossing at 23.263. Second support is the 50-day moving average crossing at 22.399.

May copper closed lower on Friday. The high-range close sets the stage for a steady to slightly higher opening when Monday's day 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 May extends the rally off March's low, March's high crossing at 4.1745 is the next upside target. Closes below the 20-day moving average crossing at 4.0215 would signal that a short-term top has been posted. First resistance is March's high crossing at 4.1745. Second resistance is the February 21st high crossing at 4.2130. First support is the 50% retracement level of the September-January rally crossing at 3.7966. Second support is is the 62% retracement level of the September-January rally crossing at 3.6635.

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