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PRECIOUS METALS

April 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends this month's rally, the 62% retracement level of the November-January-decline crossing at 1260.90 is the next upside target. First resistance is the 62% retracement level of the November-January-decline crossing at 1260.90. Second resistance is the 75% retracement level of the November-January-decline crossing at 1290.00. First support is March's low crossing at 1194.50. Second support is the reaction low crossing at 1182.60.

May silver closed higher on Friday as it extended the rally off March's low. The high-range close set the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, February's high crossing at 18.540 is the next upside target. Closes below the 10-day moving average crossing at 17.351 would confirm that a short-term top has been posted. First resistance is today's high crossing at 17.790. Second resistance is February's high crossing at 18.540. First support is March's low crossing at 16.825. Second support is the reaction low crossing at 16.700.

May copper closed lower on Friday. The mid-range close sets the stage for a steady 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. If May renews the decline off February's high, the 38% retracement level of the 2016-2017-rally crossing at 250.69 is the next downside target. If May resumes the rally off March's low, March's high crossing at 276.85 is the next upside target. First resistance is March's high crossing at 276.85. Second resistance is February's high crossing at 283.60. First support is March's low crossing at 255.85. Second support is the 38% retracement level of the 2016-2017-rally crossing at 250.69.

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