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PRECIOUS METALS

December gold closed higher on Friday as it consolidated some of Thursday's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1225.90 would confirm that a short-term top has been posted. If December extends this month's rally, the 50% retracement level of the July-October-decline crossing at 1265.30 is the next upside target. First resistance is the 38% retracement level of the July-October-decline crossing at 1246.00 . Second resistance is the 50% retracement level of the July-October-decline crossing at 1265.30 . First support is October's low crossing at 1183.30. Second support is monthly support crossing at 1179.40.

December silver closed higher on Friday as it extends October's trading range. The low-range close set the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off July's high, the February-2010 low crossing at 15.425 is the next downside target. Closes above the 10-day moving average crossing at 17.345 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 17.345. Second resistance is the reaction high crossing at 17.820. First support is October's low crossing at 16.640. Second support is the February-2010 low crossing at 15.425.

December copper closed lower on Friday but remains above the 20-day moving average crossing at 302.38. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling sideways to higher prices are possible near-term. If December extends this week's rally, the reaction high crossing at 310.45 is the next upside target. If December resumes the decline off the late-August high, the 87% retracement level of the March-July-rally crossing at 293.71 is the next downside target. First resistance is the reaction high crossing at 310.45. Second resistance is the reaction high crossing at 321.20. First support is October's low crossing at 298.55. Second support is the 87% retracement level of the March-July-rally crossing at 293.71.

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