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PRECIOUS METALS

April gold closed lower due to profit taking 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 overbought, diverging and are turning neutral to bearish hinting that a short-term top might be in or is near. If April renews the rally off December's low, the 62% retracement level of the November-January-decline crossing at 1260.90 is the next upside target. Multiple closes below the 20-day moving average crossing at 1223.10 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 1246.60. Second resistance is the 62% retracement level of the November-January-decline crossing at 1260.90. First support is the 20-day moving average crossing at 1223.10. Second support is the 50-day moving average crossing at 1192.60.

March silver closed slightly higher on Wednesday. The high-range close set the stage for a steady to higher opening when Thursday'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 March extends the rally off December's low, the 50% retracement level of the July-December-decline crossing at 18.370 is the next upside target. Closes below the 20-day moving average crossing at 17.632 are needed to confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 18.140. Second resistance is the 50% retracement level of the July-December-decline crossing at 18.370. First support is the 20-day moving average crossing at 17.632. Second support is the 50-day moving average crossing at 17.002.

March copper posted an inside day with a lower close on Wednesday. The mid-range close sets the stage for a steady opening when Thursday'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 March resumes the rally off December's low, the 50% retracement level of the 2012-2016-rally crossing at 286.34 is the next upside target. Closes below the 50-day moving average crossing at 262.42 are needed to confirm that a short-term top has been posted. First resistance is last Monday's high crossing at 282.30. Second resistance is the 50% retracement level of the 2012-2016-rally crossing at 286.34. First support is the 50-day moving average crossing at 262.42. Second support is the reaction low crossing at 247.25.

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