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PRECIOUS METALS

December gold was lower overnight as it consolidates some of this month's rally. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the reaction low crossing at 1173.90 would confirm that a short-term top has been posted. If December extends the rally off November's low, the reaction high crossing at 1235.50 is the next upside target. First resistance is last Friday's high crossing at 1204.10. Second resistance is the reaction high crossing at 1235.50. First support is the reaction low crossing at 1173.90. Second support is November's low crossing at 1130.40.

December silver was sharply lower overnight as it consolidates some of the rally off November's low. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 16.013 would temper the near-term friendly outlook. If December extends this month's rally, the 38% retracement level of the July-November-decline crossing at 17.567 is the next upside target. First resistance is the 25% retracement level of the July-November-decline crossing at 16.682. Second resistance is the 38% retracement level of the July-November-decline crossing at 17.567. First support is November's low crossing at 15.040. Second support is monthly support crossing at 14.650.

December copper was lower overnight as it extends this week's decline. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, last March's low crossing at 288.45 is the next downside target. Closes above last Friday's high crossing at 307.75 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 301.42. Second resistance is last Friday's high crossing at 307.75. First support is the overnight low crossing at 291.00. Second support is last March's low crossing at 288.45.

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