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90.79
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Gold
1217.185
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Weak

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PRECIOUS METALS

December gold was lower overnight as it extends the decline off July's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off July's high, the December 2013 low crossing at 1185.00 is the next downside target. Closes above the 20-day moving average crossing at 1253.90 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 1232.80. Second resistance is the 20-day moving average crossing at 1253.90. First support is the 87% retracement level of the 2013-2014-rally crossing at 1211.70. Second support is the December 2013 low crossing at 1185.00.

December silver was lower overnight as it extends this summer's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are still possible near-term. If December extends the decline off July's high, the February 2010 low crossing at 15.425 is the next downside target. Closes above the 20-day moving average crossing at 18.907 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 18.508. Second resistance is the 20-day moving average crossing at 18.907. First support is the overnight low crossing at 17.325. Second support is the February 2010 low crossing at 15.425.

December copper was lower overnight as it extends the decline off July's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off the late-August high, the 75% retracement level of the March-July-rally crossing at 298.67 is the next downside target. Closes above the 20-day moving average crossing at 313.82 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 313.82. Second resistance is last Tuesday's high crossing at 321.20. First support is the 62% retracement level of the March-July-rally crossing at 304.13. Second support is the 75% retracement level of the March-July-rally crossing at 298.67.

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