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PRECIOUS METALS

February gold was steady to slightly higher overnight. Stochastics and the RSI are overbought but are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1173.00 would confirm that a short-term top has been posted. If February extends the rally off December's low, the 50% retracement level of the November-December-decline crossing at 1232.50 is the next upside target. First resistance is Tuesday's high crossing at 1218.90. Second resistance is the 50% retracement level of the November-December-decline crossing at 1232.50. First support is the 10-day moving average crossing at 1196.40. Second support is the 20-day moving average crossing at 1173.00.

March silver was lower due to profit taking overnight as it consolidates some of the rally off December's low. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 16.513 would confirm that a short-term top has been posted. If March extends the rally off December's low, the 38% retracement level of the July-December-decline crossing at 17.724 is the next upside target. First resistance is Wednesday's high crossing at 17.360. Second resistance is the 38% retracement level of the July-December-decline crossing at 17.724. First support is the 20-day moving average crossing at 16.513. Second support is December's low crossing at 15.675.

March copper was lower overnight as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 256.97 would confirm that a short-term top has been posted. If March resumes the rally off December's low, November's high crossing at 275.30 is the next upside target. First resistance is December's high crossing at 271.30. Second resistance is November's high crossing at 275.30. First support is the 50-day moving average crossing at 256.97. Second support is the reaction low crossing at 247.25.

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