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PRECIOUS METALS

December gold was lower overnight as it consolidates some of its recent gains. Stochastics and the RSI are diverging and are turnin neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1279.70 would confirm that a short-term top has been posted. If December extends the rally off July's low, last November's high crossing at 1353.00 is the next upside target. First resistance is April's high crossing at 1307.00. Second resistance is last November's high crossing at 1353.00. First support is the 20-day moving average crossing at 1279.70. Second support is the 50-day moving average crossing at 1260.40.

September silver was slightly lower overnight as it extends the trading range of the past two-weeks. Stochastics and the RSI are diverging and are turning neutral signaling that sideways trading is possible near-term. Closes below the 20-day moving average crossing at 16.775 would confirm that a short-term top has been posted. If September renews the rally off July's low, the 38% retracement level of the 2016-2017-decline crossing at 17.418 is the next upside target. First resistance is the 38% retracement level of the 2016-2017-decline crossing at 17.418. Second resistance is June's high crossing at 17.820. First support is the 20-day moving average crossing at 16.775. Second support is the reaction low crossing at 16.095.

September copper was higher overnight as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off May's low, the 62% retracement level of the 2013-2016-decline crossing at 303.13 is the next upside target. Closes below the 20-day moving average crossing at 291.06 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 301.10. Second resistance is the 62% retracement level of the 2013-2016-decline crossing at 303.13. First support is the 20-day moving average crossing at 291.06. Second support is the reaction low crossing at 286.00.

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