outlook

April gold closed lower on Tuesday and below the 20-day moving average crossing at 905.20 confirming that a short-term top
has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are
bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 25%
retracement level of the August-January rally crossing at 873.90 is the next downside target. Closes above the 10-day moving
average crossing at 914.70 would temper the near-term bearish outlook in the market. First resistance is today's high crossing at
911.30 then the 10-day moving average crossing at 914.70. First support is today's low crossing at 888.40 then the 25%
retracement level crossing at 873.90.

March silver closed lower on Tuesday as it extended the decline off last Friday's high. The low-range close sets the stage for a
steady to lower opening on Wednesday. Stochastics and the RSI have turning bearish signaling that a short-term top might be in
or is near. Closes below the 20-day moving average crossing at 16.368 are needed to confirm that a short-term top has been
posted. If March renews the rally off December's low, weekly resistance crossing at 17.500 is the next upside target. First
resistance is last Friday's high crossing at 17.345 then month resistance crossing at 17.500. First support is today's low
crossing at 16.300 then the 25% retracement level of the August-February rally crossing at 15.895.

March copper closed lower on Tuesday and below the 10-day moving average crossing at 322.21 confirming that a short-term
top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI
are turning neutral hinting that a short-term top might be in or is near. If March extends today's decline, the reaction low
crossing at 311.65 is the next downside target. If March renew the rally off January's low, the reaction high crossing at 337.85
is the next upside target. First resistance is last Friday's high crossing at 334.20. Second resistance is the reaction high crossing
at 336.00. First support is today's low crossing at 318.20. Second support is last Monday's low crossing at 311.65.

March crude oil closed lower on Tuesday and below the 10-day moving average crossing at 90.11. Today's low-range close sets
the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned bearish signaling that sideways to
lower prices are possible near-term. If March extends today's decline, January's low crossing at 85.42 is the next downside
target. Closes above last week's high crossing at 92.71 are needed to confirm that a short-term low has been posted. First
resistance is the 10-day moving average crossing at 90.09. Second resistance is the 20-day moving average crossing at 91.11.
First support is today's low crossing at 87.50. Second support is January's low crossing at 85.42.

March Henry natural gas posted an inside day with a higher close on Tuesday. The high-range close sets the stage for a steady
to higher opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-
term. If March extends the decline off January's high, January's low crossing at 7.534 is the next downside target. Closes above
last week's high crossing at 8.123 are needed to renew the rally off January's low. First resistance is Monday's high crossing at
8.011 then last week's high crossing at 8.123. First support is Monday's low crossing at 7.580. Second support is January's
low crossing at 7.534.

MCXARUN
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