Precious Metals Report

By Ino.com

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precious metalsAugust gold closed higher on Wednesday as it extends the rally off May’s low. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochcastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off May’s low, May’s high crossing at 1308.00 is the next upside target. Closes below the 20-day moving average crossing at 1250.40 would temper the near-term friendly outlook. First resistance is today’s high crossing at 1300.00. Second resistance is May’s high crossing at 1308.00. First support is May’s low crossing at 1199.00. Second support is the 50% retracement level of the December-May-rally crossing at 1179.10.

July silver closed higher on Wednesday as it extends this month’s rally. The high-range close set the stage for a steady to higher opening when Thursday’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 July extends this month’s rally, the reaction high crossing at 17.620 is the next upside target. Closes below the 20-day moving average crossing at 16.642 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 17.635. Second resistance is the reaction high crossing at 17.620. First support is the 50% retracement level of the December-May-rally crossing at 15.893. Second support is the 62% retracement level of the December-May-rally crossing at 15.381.

July copper closed higher on Wednesday as it extends the rally off last Thursday’s low. Today’s close above last Thursday’s high crossing at 208.55 has tempered the bearish outlook. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below May’s low crossing at 203.80 would open the door for a possible test of February’s low crossing at 200.75. First resistance is June’s high crossing at 214.50. Second resistance is the 50% retracement level of the March-May-decline crossing at 218.31. First support is last Thursday’s low crossing at 201.30. Second support is February’s low crossing at 200.75.

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