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Weak

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PRECIOUS METALS

June gold closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1269.00 would confirm that a short-term top has been posted. If June renews the rally off March's low, the 87% retracement level of the November-January-decline crossing at 1319.30 is the next upside target. First resistance is the 75% retracement level of the November-January-decline crossing at 1293.10. Second resistance is the 87% retracement level of the November-January-decline crossing at 1319.30. First support is the 20-day moving average crossing at 1269.00. Second support is the 50-day moving average crossing at 1249.50.

May silver closed lower on Tuesday. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this week's decline, March's low crossing at 16.825 is the next downside target. Closes above the 20-day moving average crossing at 18.128 would confirm that a short-term low has been posted. First resistance is April's high crossing at 18.655. Second resistance is November's high crossing at 19.065. First support is today's low crossing at 17.290. Second support is March's low crossing at 16.825.

May copper closed slightly higher on Wednesday as it extends this month's decline. The high-range close sets the stage for a steady to higher 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 259.96 are needed to confirm that a low has been posted. If May renews the decline off February's high, December's low crossing at 245.60 is the next downside target. First resistance is the reaction high crossing at 271.70. Second resistance is March's high crossing at 276.85. First support is the 38% retracement level of the 2016-2017-rally crossing at 250.69. Second support is December's low crossing at 245.60.

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