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PRECIOUS METALS

October gold closed higher due to short covering on Friday as it consolidates some of this week's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1117.80 are needed to confirm that a short-term top has been posted. If October renews this month's rally, the 50% retracement level of the January-June-decline, crossing at 1189.00 is the next upside target. First resistance is the 38% retracement level of this year's decline crossing at 1161.50. Second resistance is the 50% retracement level of the January-June-decline, crossing at 1189.00. First support is the 20-day moving average crossing at 1117.80. Second support is the reaction low crossing at 1108.40.

September silver closed higher due to short covering on Friday as it consoliated some of this week's decline. 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 turning neutral to bullish signailng that a low might be in or is near. Closes above the 20-day moving average crossing at 14.912 would temper the near-term bearish outlook. If September extends this month's decline, weekly support crossing at 12.435 is the next downside target. First resistance is last Friday's high crossing at 15.715. Second resistance is the reaction high crossing at 15.900. First support is Wednesday's low crossing at 13.910. Second support is weekly support crossing at 12.435.

September copper closed higher on Friday and above the 20-day moving average crossing at 232.59 confirming that a short-term low has been posted. The mid-range close sets the stage for a steady 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 September extends this week's rally, the reaction high crossing at 242.90 is the next upside target. First resistance is today's high crossing at 236.80. Second resistance is the reaction high crossing at 242.90. First support is Monday's low crossing at 220.90. Second support is weekly support crossing at 210.43.

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