PRECIOUS METALS

June gold closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish with today’s rally signaling that sideways to higher prices are possible near-term. If June renews the rally off April’s low, April’s high crossing at 1330.00 is the next upside target. If June resumes the decline off March’s high, the 62% retracement level of the January-March-rally crossing at 1265.10 is the next downside target. First resistance is the reaction high crossing at 1306.60. Second resistance is April’s high crossing at 1330.00. First support is the reaction low crossing at 1268.40. Second support is the 62% retracement level of the January-March-rally crossing at 1265.10.

July silver closed higher on Monday and above the 20-day moving average crossing at 19.491 confirming that a short-term low has been posted. The high-range close set the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the decline off February’s high, last April’s low crossing at 18.680 is the next downside target. First resistance is the reaction high crossing at 19.770. Second resistance is the reaction high crossing at 20.400. First support is the reaction low crossing at 18.750. Second support is last April’s low crossing at 18.680.

July copper closed sharply higher on Monday renewing the rally off March’s low. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If July extends today’s rally, the 62% retracement level of the January-March decline crossing at 319.64 is the next upside target. First resistance is today’s high crossing at 315.55. Second resistance is the 62% retracement level of the December-March-decline crossing at 320.90. First support is the reaction low crossing at 300.30. Second support is April’s low crossing at 296.05.