Market Commentary

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PRECIOUS METALS

June gold closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If June extends this month's decline, April's low crossing at 1321.50 is the next downside target. Closes above the 20-day moving average crossing at 1439.10 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1439.10. Second resistance is May's high crossing at 1487.20. First support is today's low crossing at 1356.50. Second support is April's low crossing at 1321.50.

July silver closed lower on Friday as it extends this month's decline. The low-range close set the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If June extends this month's decline, April's low crossing at 22.000 is the next downside target. Closes above the 20-day moving average crossing at 23.522 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 23.522. Second resistance is the reaction high crossing at 24.835. First support is April's low crossing at 22.000. Second support is monthly support crossing at 18.756.

July copper closed higher on Friday as it extended the short covering bounce off Wednesday's low. 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 324.76 would confirm that a short-term top has been posted. If July renews the rally off this month's low, April's high crossing at 345.95 is the next upside target. First resistance is the reaction high crossing at 339.40. Second resistance is April's high crossing at 345.95. First support is the 20-day moving average crossing at 324.76. Second support is this month's low crossing at 304.65.