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PRECIOUS METALS

June gold closed higher on Wednesday as it extends the trading range of the past five-days. The mid-range close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1306.50 would confirm that a short-term low has been posted. If June resumes the decline off April's high, the 75% retracement level of the December-January-rally crossing at 1279.20 is the next downside target. First resistance is the 20-day moving average crossing at 1306.50. Second resistance is May's high crossing at 1326.30. First support is the 75% retracement level of the December-January-rally crossing at 1279.20. Second support is the 87% retracement level of the December-January-rally crossing at 1263.70.

July silver closed lower on Wednesday. The mid-range close set the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off April's high, December's low crossing at 15.705 is the next downside target. If July extends this month's rally, the reaction high crossing at 16.950 is the next upside target. First resistance is the reaction high crossing at 16.950. Second resistance is April's high crossing at 17.360. First support is last Tuesday's low crossing at 16.335. Second support is May's low crossing at 16.070.

June copper closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, April's high crossing at 320.00 is the next upside target. If June renews the decline off April's high, April's low crossing at 298.35 is the next downside target. First resistance is the reaction high crossing at 315.65. Second resistance is April's high crossing at 320.00. First support is May's low crossing at 300.50. Second support is April's low crossing at 298.35.

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