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PRECIOUS METALS

February gold closed slightly lower on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the decline off this month's high, the 20-day moving average crossing at $1542.30 is the next downside target. If February renews the rally off November's low, monthly resistance crossing at $1616.50 is the next upside target. First resistance is January's high crossing at $1613.30. Second resistance is monthly resistance crossing at $1616.50. First support is the 20-day morning crossing at $1542.30. Second support is the 50-day moving average at $1501.10.

March silver closed slightly higher on Wednesday. The mid-range close set the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. If March extends the decline off January's high, the 50-day moving average crossing at 17.410 is the next downside target. If March extends the rally off December's low, the September 24th high crossing at 18.930 is the next upside target. First resistance is January's high crossing at 18.895. Second resistance is the September 24th high crossing at 18.930. First support is the 50-day moving average crossing at 17.410. Second support is the reaction low crossing at 16.935.

March copper closed lower on Wednesday as it extends this week's decline. 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 bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 50-day moving average crossing at 275.24 is the next downside target. If March renews the rally off September's low, the 75% retracement level of the April-September-decline crossing at 289.45 is the next upside target. First resistance is last-Thursday's high crossing at 288.60. Second resistance is the 75% retracement level of the April-September-decline crossing at 289.45. First support is January's low crossing at 275.95. Second support is the 50-day moving average crossing at 275.24.