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PRECIOUS METALS

October gold closed slightly lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this month's decline, the reaction low crossing at 1308.20 is the next downside target. Closes above the 20-day moving average crossing at 1339.60 are needed to confirm that a short-term low has been posted. First resistance is July's high crossing at 1377.50. Second resistance is weekly resistance marked by the March-2014-high crossing at 1392.60. First support is the reaction low crossing at 1308.20. Second support is the late-June low crossing at 1252.80.

September silver closed slightly higher on Tuesday. The high-range close set the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last Thursday's low crossing at 19.270 are needed to confirm that a short-term top has been posted. If September renews this year's rally, the July-2014 high crossing at 21.630 is the next upside target. First resistance is July's high crossing at 21.095. Second resistance is the July-2014 high crossing at 21.630. First support is last Thursday's low crossing at 19.270. Second support is the reaction low crossing at 17.180.

September copper closed slightly higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 220.59 are needed to confirm that a short-term top has been posted. If September renews the rally off June's low, April's high crossing at 230.60 is the next upside target. First resistance is the reaction high crossing at 227.75. Second resistance is April's high crossing at 230.60. First support is the 20-day moving average crossing at 220.59. Second support is the reaction low crossing at 211.65.

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