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PRECIOUS METALS

April gold closed lower due to profit taking on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April renews the rally off December's low, the 62% retracement level of the November-January-decline crossing at 1260.90 is the next upside target. Multiple closes below the 20-day moving average crossing at 1221.80 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 1246.60. Second resistance is the 62% retracement level of the November-January-decline crossing at 1260.90. First support is the 20-day moving average crossing at 1221.80. Second support is the 50-day moving average crossing at 1190.10.

March silver closed slightly lower on Tuesday. The high-range close set the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 50% retracement level of the July-December-decline crossing at 18.370 is the next upside target. Closes below the 20-day moving average crossing at 17.589 are needed to confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 18.140. Second resistance is the 50% retracement level of the July-December-decline crossing at 18.370. First support is the 20-day moving average crossing at 17.589. Second support is the 50-day moving average crossing at 16.983.

March copper closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off December's low, the 50% retracement level of the 2012-2016-rally crossing at 286.34 is the next upside target. Closes below the 20-day moving average crossing at 269.87 are needed to confirm that a short-term top has been posted. First resistance is last Monday's high crossing at 282.30. Second resistance is the 50% retracement level of the 2012-2016-rally crossing at 286.34. First support is the 50-day moving average crossing at 262.20. Second support is the reaction low crossing at 247.25.

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