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PRECIOUS METALS

February gold closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher price are possible near-term. Closes above the 20-day moving average crossing at 1273.50 are needed to confirm that a short-term low has been posted. If February resumes the decline off November's high, the 87% retracement level of the July-September-rally crossing at 1233.90 is the next downside target. First resistance is the 20-day moving average crossing at 1273.50. Second resistance is the 50-day moving average crossing at 1281.20. First support is Tuesday's low crossing at 1238.30. Second support is the 87% retracement level of the July-September-rally crossing at 1233.90.

March silver posted an inside day with a higher close on Friday. The high-range close set the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 16.447 would confirm that a short-term low has been posted. If March resumes the decline off November's high, July's low crossing at 15.225 is the next downside target. First resistance is the 20-day moving average crossing at 16.447. Second resistance is the 50-day moving average crossing at 16.857. First support is the 87% retracement level of the July-September-rally crossing at 15.626. Second support is July's low crossing at 15.225.

March copper closed higher on Friday and above the 50-day moving average crossing at 311.42 confirming that a short-term top has been posted. 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 bullish signaling that sideways to higher prices is possible near-term. If March extends this week's rally, the reaction high crossing at 319.85 is the next upside target. Closes below the 10-day moving average crossing at 302.51 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 319.85. Second resistance is October's high crossing at 327.90. First support is December's low crossing at 294.30. Second support is September's low crossing at 291.35.

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