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PRECIOUS METALS

August gold was higher overnight. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 1313.60 would confirm that a short-term low has been posted. If August resumes the decline off July's high, the reaction low crossing at 1258.00 is the next downside target. First resistance is the 20-day moving average crossing at 1313.60. Second resistance is July's high crossing at 1346.80. First support is last Thursday's low crossing at 1287.50. Second support is the reaction low crossing at 1258.00.

September silver was higher due to short covering overnight as it consolidates some of this month's decline. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 20.979 would confirm that a low has been posted. If September extends the decline off July's high, the reaction low crossing at 19.490 is the next downside target. First resistance is the 20-day moving average crossing at 20.979. Second resistance is the reaction high crossing at 21.315. Third resistance is the reaction high crossing at 21.790. First support is last Thursday's low crossing at 20.350. Second support is the reaction low crossing at 19.490.

September copper was lower overnight. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off July's high, the 38% retracement level of the March-July-rally crossing at 313.55 is the next downside target. If September extends last week's rally, July's high crossing at 329.45 is the next upside target. First resistance is last Friday's high crossing at 327.90. Second resistance is July's high crossing at 329.45. First support is the 38% retracement level of the March-July-rally crossing at 313.55. Second support is the 50% retracement level of the March-July-rally crossing at 308.61.

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