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PRECIOUS METALS

June gold closed slightly higher on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1201.10 are needed to confirm that a short-term top has been posted. If June renews this month's rally, the 62% retracement level of the January-March-decline crossing at 1145.50 is the next upside target. First resistance is Monday's high crossing at 1232.00. Second resistance is the 62% retracement level of the January-March-decline crossing at 1145.50. First support is the 20-day moving average crossing at 1201.10. Second support is last Monday's low crossing at 1178.00. Third support is May's low crossing at 1168.40.

July silver closed lower on Friday. The low-range close set the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 16.778 would confirm that a short-term top has been posted. If July renews the rally off April's low, January's high crossing at 18.515 is the next upside target. First resistance is Monday's high crossing at 17.775. Second resistance is January's high crossing at 18.515. First support is the 20-day moving average crossing at 16.778. Second support is last Tuesday's low crossing at 16.120. Third support is April's low crossing at 15.595.

July copper closed lower on Friday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when Tuesday'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, the 38% retracement level of the January-May-rally crossing at 275.33 is the next downside target. Closes above the 10-day moving average crossing at 288.33 would confirm that a short-term low has been posted. First resistance is May's high crossing at 295.60. Second resistance is last November's high crossing at 306.30. First support is the 38% retracement level of the January-May-rally crossing at 275.33. Second support is the 50% retracement level of the January-May-rally crossing at 269.06.

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