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PRECIOUS METALS

June gold closed higher on Friday as it extended the rally off the March 31st low. The high-range close sets the stage for a steady to higher opening when Friday'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 June extends the rally off the March 31st low, the February 23rd high crossing at $1817.60 is the next upside target. Closes below the 20-day moving average crossing at $1736.50 would signal that a short-term top has been posted. First resistance is today's high crossing at $1784.70. Second resistance is the February 23rd high crossing at $1817.60. First support is Tuesday's low crossing at $1723.20. Second support is March's low crossing at $1676.20.

May silver closed slightly higher on Friday as it extends the rally off March's low. The low-range close sets the stage for a steady to slightly higher opening when Monday'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. Closes above the 50-day moving average crossing at 26.143 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 25.253 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 26.143. Second resistance is the March 18th high crossing at 26.740. First support is the 75% retracement level of the November-February-rally crossing at 24.059. Second support is the 87% retracement level of the November-February-rally crossing at 23.102.

May copper closed lower on Friday due to profit taking as it consolidated some of this week's rally. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off March's low, February's high crossing at 437.55 is the next upside target. Closes below the 50-day moving average crossing at 402.75 would confirm that a short-term top has been posted. First resistance is today's high crossing at 424.40. Second resistance is February's high crossing at 437.55. First support is the 50-day moving average crossing at 402.40. Second support is the 25% retracement level of the 2020-2021-rally crossing at 381.34.