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Market Commentary

Currencies | Energy | Food | Grains | Indexes | Interest | Livestock | Metals

PRECIOUS METALS

August gold was higher overnight. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews the decline off July's high, the reaction low crossing at 1258.00 is the next downside target. Multiple closes above the 20-day moving average crossing at 1317.60 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1317.60. Second resistance is July's high crossing at 1346.80. First support is last Tuesday's low crossing at 1292.60. Second support is the reaction low crossing at 1258.00.

September silver was slightly higher overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off July's high, the reaction low crossing at 19.490 is the next downside target. Closes above the reaction high crossing at 21.315 would confirm that a low has been posted. First resistance is the reaction high crossing at 21.315. Second resistance is the reaction high crossing at 21.790. First support is last Wednesday's low crossing at 20.630. Second support is the reaction low crossing at 19.490.

September copper was higher due to short covering overnight as it consolidates some of the decline off July's high. Stochastics and the RSI are turning neutral to bearish hinting that a low might be in or is near. Closes above the 10-day moving average crossing at 322.71 are needed to confirm that a short-term low has been posted. If September extends the aforementioned decline, the 38% retracement level of the March-July-rally crossing at 313.55 is the next downside target. First resistance is the 10-day moving average crossing at 322.71. Second resistance is last Monday's high crossing at 329.45. First support is the 38% retracement level of the March-July-rally crossing at 313.55. Second support is the 50% retracement level of the March-July-rally crossing at 308.61.

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