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Weak

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PRECIOUS METALS

August gold closed higher on Greek financial concerns on Monday. The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 1178.40 would confirm that a short-term low has been posted. If August extends the decline off June's high, March's low crossing at 1143.80 is the next downside target. First resistance is last Monday's high crossing at 1187.60. Second resistance is the reaction high crossing at 1205.70. First support is last Thursday's low crossing at 1155.80. Second support is March's low crossing at 1143.80.

September silver closed higher on Monday. The mid-range close set the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are diverging but are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, March's low crossing at 15.380 is the next downside target. Closes above the 20-day moving average crossing at 15.892 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 15.892. Second resistance is the reaction high crossing at 16.460. First support is last Tuesday's low crossing at 15.435. Second support is March's low crossing at 15.380.

September copper closed sharply lower on Monday as it renewed the decline off May's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish again signaling that sideways to lower prices are possible near-term. If September renews the decline off May's high, the 87% retracement level of the January-May-rally crossing at 249.76 is the next downside target. Closes above the 20-day moving average crossing at 263.48 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 263.48. Second resistance is the reaction high crossing at 276.90. First support is the 87% retracement level of the January-May-rally crossing at 249.76. Second support is January's low crossing at 242.90.

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