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PRECIOUS METALS

June gold closed sharply higher on Monday and settled at their highest level in about two weeks due to weakness in the U.S. dollar as talks between Greece and its international creditors dragged on and investors awaited the outcome of this week's Federal Reserve meeting. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turned neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at 1201.60 confirms that a low has been posted while opening the door for additional short covering gains near-term. First resistance is April's high crossing at 1224.50. Second resistance is the 62% retracement level of the January-March-decline crossing at 1245.50. First support is last Friday's low crossing at 1174.10. Second support is March's low crossing at 1142.40.

May silver closed sharply higher on Monday and above the 20-day moving average crossing at 16.338 confirming that a short-term low has been posted. The high-range close set the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends today's rally, April's high crossing at 17.310 is the next upside target. If May renews this month's decline, March's low crossing at 15.260 is the next downside target. First resistance is the reaction high crossing at 16.490. Second resistance is April's high crossing at 17.310. First support is last Friday's low crossing at 15.550. Second support is March's low crossing at 15.260.

May copper closed higher on Monday as it extends the rally off last Thursday's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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, the reaction high crossing at 282.95 is the next upside target. Closes below the January-March-uptrend line crossing near 266.63 would open the door for a possible test of March's low crossing at 255.25. First resistance is the reaction high crossing at 282.95. Second resistance is March's high crossing at 291.45. First support is the January-March-uptrend line crossing near 266.63. Second support is March's low crossing at 255.25.

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