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PRECIOUS METALS

June gold was lower overnight as it extends this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this month's decline, the 38% retracement level of the December-May-rally crossing at 1208.60 is the next downside target. Closes above the 20-day moving average crossing at 1268.60 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1268.60. Second resistance is last Monday's high crossing at 1290.40. First support is the overnight low crossing at 1230.20. Second support is the 38% retracement level of the December-May-rally crossing at 1208.60.

July silver was steady to slightly higher overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, the 50% retracement level of the December-May-rally crossing at 15.893 is the next downside target. Closes above the 20-day moving average crossing at 17.099 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 16.773. Second resistance is the 20-day moving average crossing at 17.099. First support is the 50% retracement level of the December-May-rally crossing at 15.893. Second support is the 62% retracement level of the December-May-rally crossing at 15.381.

July copper was higher due to short covering overnight as it consolidated some of this month's decline. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 212.60 are needed to confirm that a short-term low has been posted. If July resumes the decline off April's high, February's low crossing at 200.75 is the next downside target. First resistance is the 10-day moving average crossing at 207.23. Second resistance is the 20-day moving average crossing at 212.60. First support is last Thursday's low crossing at 203.80. Second support is February's low crossing at 200.75.

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