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PRECIOUS METALS

February gold was higher overnight as it consolidates some of the decline off last Tuesday's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends this week's decline, December's low crossing at 1141.70 is the next downside target. If February renews the rally off November's low, October's high crossing at 1256.30 is the next upside target. First resistance is last Tuesday's high crossing at 1239.00. Second resistance is October's high crossing at 1256.30. First support is Tuesday's low crossing at 1187.80. Second support is December's low crossing at 1141.70.

March silver was higher due to short covering overnight as it consolidates some of this week's losses. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes this week's decline, the reaction low crossing at 15.085 is the next downside target. If March renews this month's rally, the 50% retracement level fo the January-December-decline crossing at 18.191 is the next upside target. First resistance is the 38% retracement level of the January-December-decline crossing at 17.238. Second resistance is the 50% retracement level fo the January-December-decline crossing at 18.191. First support is Tuesday's low crossing at 15.540. Second support is the reaction low crossing at 15.085.

March copper was slightly higher overnight. 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 291.72 are needed to confirm that a short-term low has been posted. If March renews this week's decline, December's low crossing at 277.75 is the next downside target. First resistance is the 20-day moving average crossing at 291.72. Second resistance is the reaction high crossing at 307.75. First support is December's low crossing at 277.75. Second support is monthly support crossing at 272.00.

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