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PRECIOUS METALS

April gold closed higher on Friday as it extends the rally off December's low. 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 overbought but remain neutral to bullish signaling that sideways to higher possible near-term. If April extends the rally off December's low, the 87% retracement level of the October-December-decline crossing at 1173.00 is the next upside target. Closes below the 20-day moving average crossing at 1111.00 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 1169.50. Second resistance is the 87% retracement level of the October-December-decline crossing at 1155.40. First support is the 10-day moving average crossing at 1129.80. Second support is the 20-day moving average crossing at 1111.00.

March silver closed higher on Friday as it extends this week's rally. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this rally off January's low, the 50% retracement level of the October-December-decline crossing at 15.017 is the next upside target. Closes below the 20-day moving average crossing at 14.233 would confirm that a short-term top has been posted. First resistance is today's high crossing at 14.985. Second resistance is the 50% retracement level of the October-December-decline crossing at 15.017. First support is the 10-day moving average crossing at 14.491. Second support is the 20-day moving average crossing at 14.233.

March copper closed lower on Friday as it consolidates some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that a low might be in or is near. If March extends the rally off January's low, December's high crossing at 214.85 is the next upside target. Closes below the 20-day moving average crossing at 202.05 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 213.80. Second resistance is December's high crossing at 214.85. First support is the 20-day moving average crossing at 202.05. Second support is January's low crossing at 193.55.

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