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PRECIOUS METALS

August gold closed higher on Friday as it consolidates some of the decline off June's high. The high-range close sets the stage for a steady to higher opening when Friday'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 1266.40 would temper the near-term bearish outlook. If August extends the aforementioned decline, May's low crossing at 1217.80 is the next downside target. First resistance is April's high crossing at 1300.30. Second resistance is last November's high crossing at 1345.20. First support is Wednesday's low crossing at 1241.70. Second support is May's low crossing at 1217.80.

July silver closed higher on Friday as it consolidates some of this month's decline. The mid-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 50-day moving average crossing at 17.097 would temper the near-term bearish outlook. If July resumes this month's decline, May's low crossing at 16.060 is the next downside target. First resistance is the 50-day moving average crossing at 17.097. Second resistance is June's high crossing at 17.745. Second resistance is the reaction high crossing at 18.050. First support is Wednesday's low crossing at 16.315. Second support is May's low crossing at 16.060.

July copper 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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews this month's rally, May's high crossing at 269.45 is the next upside target. Closes below the reaction low crossing at 251.55 would confirm that a short-term top has been posted. First resistance is May's high crossing at 269.45. Second resistance is the reaction high crossing at 273.10. First support is June's low crossing at 251.55. Second support is May's low crossing at 247.25.

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