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PRECIOUS METALS

February gold closed higher on Tuesday as it consolidated some of Monday's decline. The mid-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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $1771.90 would signal that a short-term top has been posted. If February extends the rally off November's low, August's high crossing at $1836.70 is the next upside target. First resistance is Monday's high crossing at $1822.90. Second resistance is August's high $1836.70. First support is the 20-day moving average crossing at $1771.90. Second support is the November 23rd low crossing at $1733.50.

March silver closed slightly lower on Tuesday following yesterday's key reversal down. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at 21.060 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off October's low, the 75% retracement level of the March-August decline crossing at 24.779 is the next upside target. First resistance is the 62% retracement level of the March-September decline crossing at 23.503. Second resistance is the 75% retracement level of the March-September decline crossing at 24.779. First support is last-Tuesday's low crossing at 21.060. Second support is the November 21st low crossing at 20.790.

March copper posted an inside day with a higher close on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 renews the rally off September's low, the 50% retracement level of the March-July decline crossing at 4.0343 is the next upside target. Closes below the 10-day moving average crossing at 3.7136 would signal that a short-term top has been posted. If March renews the decline off November's high, the 50-day moving average crossing at 3.5452 is the next downside target. First resistance is November's high crossing at 3.9470. Second resistance is the 50% retracement level of the March-July decline crossing at 4.0343. First support is the 50-day moving average crossing at 3.5452. Second support is October's low crossing at 3.2980.

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