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PRECIOUS METALS

December gold was lower overnight as it extends the decline off July's high. Stochastics and the RSI are oversold but are turning neutral to bearish again signaling that additional weakness is possible near-term. If December extends the decline off July's high, the December 2013 low crossing at 1185.00 is the next downside target. Closes above the 20-day moving average crossing at 1232.00 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 1232.00. Second resistance is the reaction high crossing at 1279.20. First support is Tuesday's low crossing at 1204.30. Second support is the December 2013 low crossing at 1185.00.

December silver was lower overnight as it extends the decline off July's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible. If December extends the decline off July's high, the February 2010 low crossing at 15.425 is the next downside target. Closes above the 20-day moving average crossing at 18.232 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 17.626. Second resistance is the 20-day moving average crossing at 18.232. First support is Tuesday's low crossing at 16.850. Second support is the February 2010 low crossing at 15.425.

December copper was higher due to short covering overnight as it consolidates some of 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 December extends the decline off the late-August high, the 75% retracement level of the March-July-rally crossing at 298.67 is the next downside target. Closes above the 20-day moving average crossing at 308.90 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 304.85. Second resistance is the 20-day moving average crossing at 308.90. First support is the overnight low crossing at 300.00. Second support is the 75% retracement level of the March-July-rally crossing at 298.67.

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