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PRECIOUS METALS

June gold closed higher on Friday as it consolidates some of this week's losses. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1258.40 are needed to confirm that a short-term top has been posted. If June resumes this year's rally, monthly resistance crossing at 1309.00 is the next upside target. First resistance is Monday's high crossing at 1306.00. Second resistance is monthly resistance crossing at 1309.00. First support is the 20-day moving average crossing at 1258.40. Second support is the reaction low crossing at 1228.50.

July silver closed higher on Friday. 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 neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 17.002 are needed to confirm that a short-term top has been posted. If July renews this year's rally, the January-2015 high crossing at 18.586 is the next upside target. First resistance is Monday's high crossing at 18.060. Second resistance is the January-2015 high crossing at 18.586. First support is the 10-day moving average crossing at 17.425. Second support is the 20-day moving average crossing at 17.002.

July copper closed lower on Friday as it extended this week'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. If July extends this week's decline, April's low crossing at 209.90 is the next downside target. Closes above the 10-day moving average crossing at 222.17 would confirm that a short-term low has been posted. First resistance is April's high crossing at 230.55. Second resistance is March's high crossing at 232.35. First support is today's low crossing at 213.55. Second support is April's low crossing at 209.90.

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