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2182.85
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18520.35
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Crude Oil
46.64
-1.46 -3.07%
Gold
1326.470
-11.605 -0.87%
Euro
1.126565
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94.765
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Weak

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PRECIOUS METALS

October gold was lower overnight as it extends the July-August trading range. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below July's low crossing at 1314.70 would confirm a downside breakout of the aforementioned trading range. Closes above August's high crossing at 1369.70 would open the door for a possible test of trading range resistance marked by July's high crossing at 1380.90. First resistance is August's high crossing at 1369.70. Second resistance is July's high crossing at 1380.90. First support is August's low crossing at 1330.60. Second support is July's low crossing at 1314.70.

September silver was lower overnight and remains poised to extend 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 September extends this month's decline, the 38% retracement level of the 2015-2016-rally crossing at 18.384 is the next downside target. Closes above the 20-day moving average crossing at 19.853 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 19.853. Second resistance is August's high crossing at 20.835. First support is the the 38% retracement level of the 2015-2016-rally crossing at 18.384. Second support is the reaction low crossing at 17.585.

September copper was lower overnight as it extends the decline off July's high. 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 higher prices are possible. If September extends the decline off July's high, the reaction low crossing at 207.00 is the next downside target. Closes above the 20-day moving average crossing at 216.76 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 216.76. Second resistance is August's high crossing at 224.75. First support is the reaction low crossing at 207.00. Second support is June's low crossing at 201.80.

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