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PRECIOUS METALS

December gold was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, October's low crossingg at 1262.80 is the next downside target. If December renews the rally off October's low, the reaction high crossing at 1317.10 is the next upside target. First resistance is the reaction high crossing at 1317.10. Second resistance is the reaction high crossing at 1340.50. First support is October's low crossing at 1262.80. Second support is the reaction low crossing at 1257.10.

December silver was lower overnight. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the 20-day moving average crossing at 16.976 would temper the near-term friendly outlook. If December renews the rally off October's low, the reaction high crossing at 17.975 is the next upside target. First resistance is Monday's high crossing at 17.495. Second resistance is September's high crossing at 18.290. First support is October's low crossing at 16.345. Second support is August's low crossing at 16.190.

December copper was higher overnight signaling a possible end to a three-day correction off Monday's high. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 305.30 would confirm that a short-term low has been posted. If December resumes this year's rally, the 87% retracement level of the 2013-2016-decline crossing at 345.21 is the next upside target. First resistance is the 75% retracement level of the 2013-2016-decline crossing at 324.95. Second resistance is the 87% retracement level of the 2013-2016-decline crossing at 345.21. First support is the 10-day moving average crossing at 314.22. Second support is the 20-day moving average crossing at 305.30.

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