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PRECIOUS METALS

October gold closed lower on Friday. The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1296.00 are needed to confirm that a short-term low has been posted. If October extends this month's decline, the reaction low crossing at 1260.10 is the next downside target. First resistance is the 20-day moving average crossing at 1296.00. Second resistance is the reaction high crossing at 1323.10. First support is last Thursday's low crossing at 1272.60. Second support is the reaction low crossing at 1260.10.

December silver closed lower on Friday. The low-range close set the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 19.756 are needed to confirm that a low has been posted. If December extends the decline off July's high, the 87% retracement level of the June-July-rally crossing at 19.085 is the next downside target. First resistance is the 20-day moving average crossing at 19.856. Second resistance is the reaction high crossing at 20.250. First support is the reaction low crossing at 19.335. Second support is the 87% retracement level of the June-July-rally crossing at 19.085.

December copper closed higher on Friday but remains below the 10-day moving average crossing at 318.29 confirming that a short-term top has been posted. The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, August's low crossing at 310.65 is the next downside target. If December renews the rally off August's low, the reaction high crossing at 324.70 is the next upside target. First resistance is Monday's high crossing at 322.70. Second resistance is the reaction high crossing at 324.70. First support is Thursday's low crossing at 314.25. Second support is August's low crossing at 308.25.

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