PRECIOUS METALS

December gold was higher overnight as it extends the trading range of the past three-weeks. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term.

If December extends the rally off last-Wednesday's low, September's high crossing at 1566.20 is the next upside target. Closes below the 50-day moving average crossing at 1494.30 would open the door for additional weakness near-term. First resistance is September's high crossing at 1566.20.

Second resistance is the 62% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1588.20. First support is the 50-day moving average crossing at 1494.30. Second support is August's low crossing at 1412.10.

December silver was sharply higher overnight as it extends the rally off September's low. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 18.286 would confirm that a short-term low has been posted. If December resumes the decline off September's high, the 50-day moving average crossing at 17.366 is the next downside target.

First resistance is September's high crossing at 19.750. Second resistance is the 75% retracement level of the 2016-2018 decline crossing at 19.803. First support is the 50-day moving average crossing at 17.366. Second support is the August 13th reaction low crossing at 16.650.

December copper was lower overnight as it extends the decline off September's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. If December extends last-Friday's close below the 20-day moving average crossing at 260.28, September's low crossing at 248.20 is the next downside target.

If December resumes the rally off September's low, July's high crossing at 280.50 is the next upside target. First resistance is last-Monday's high crossing at 270.65. Second resistance is July's high crossing at 280.50. First support is the overnight low crossing at 257.25. Second support is September's low crossing at 248.20.