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PRECIOUS METALS

April gold was lower overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April renews the decline off January's high, the 75% retracement level of the November-January-rally crossing at 1176.10 is the next downside target. Closes above the 20-day moving average crossing at 1211.20 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1211.20. Second resistance is the reaction high crossing at 1236.70. First support is last Tuesday's low crossing at 1190.00. Second support is the 75% retracement level of the November-January-rally crossing at 1176.10.

May silver was lower overnight as it extends the decline off January's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off January's high, January's low crossing at 15.570 is the next downside target. Closes above the 20-day moving average crossing at 16.526 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 16.526. Second resistance is the reaction high crossing at 16.905. First support is the overnight low crossing at 15.900. Second support is January's low crossing at 15.570.

May copper was lower overnight as it extends this week's decline. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 262.12 would confirm that a short-term top has been posted. If May renews the rally off January's low, the reaction high crossing at 278.65 is the next upside target. First resistance is Monday's high crossing at 271.80. Second resistance is the reaction high crossing at 278.65. First support is the 20-day moving average crossing at 262.12. Second support is the reaction low crossing at 256.10.

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