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PRECIOUS METALS

June gold closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off the 50% retracement level of the August-March decline crossing at $1894.10 is the next upside target. Closes below the 20-day moving average crossing at $1796.50 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the August-March-decline crossing at $1842.70. Second resistance is the 50% retracement level of the August-March decline crossing at $1894.10. First support is the 20-day moving average crossing at $1796.50. Second support is the 50-day moving average crossing at $1757.30.

July silver closed higher on Friday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 26.665 would signal that a short-term top has been posted. If July renews the rally off March's low, the 75% retracement level of the February-March-decline crossing at 28.451 is the next upside target. First resistance is the 62% retracement level of the February-March-decline crossing at 27.628. Second resistance is the 75% retracement level of the February-March-decline crossing at 28.451. First support is the 20-day moving average crossing at 26.665. Second support is the April-29th low crossing at 24.745.

July copper closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 451.18 would confirm that a short-term top has been posted. If July extends the rally off the March 19th -2020 low, upside targets will be hard to project. First resistance is Monday's high crossing at 488.80. Second resistance is unknown. First support is the 10-day moving average crossing at 464.79. Second support is the 20-day moving average crossing at 451.18.