outlook

April gold closed higher on Wednesday as it consolidated some of Tuesday's decline but remains below the 20-day moving
average crossing at 906.00. The mid-range close sets the stage for a steady opening on Thursday. 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 916.10 would temper the near-term bearish outlook in the market. First resistance is today's high crossing at
912.00 then the 10-day moving average crossing at 916.10. First support is Tuesday's low crossing at 888.40 then the 25%
retracement level crossing at 873.90.

March silver closed higher on Wednesday as it consolidated some of the decline off last Friday's high. The mid-range close sets
the stage for a steady opening on Thursday. Stochastics and the RSI are bearish signaling that a short-term top might be in or is
near. Closes below the 20-day moving average crossing at 16.401 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 16.230
then the 25% retracement level of the August-February rally crossing at 15.895.

March copper closed higher on Wednesday and above the 10-day moving average crossing at 324.35. The mid-range close sets
the stage for a steady opening on Thursday. Stochastics and the RSI are turning neutral hinting that a short-term top might be in
or is near. If March extends today's rally, the reaction high crossing at 337.85 is the next upside target. If March renews
Tuesday's decline, the reaction low crossing at 311.65 is the next downside target. First resistance is today's high crossing at
337.50. Second resistance is January's high crossing at 337.85. First support is today's low crossing at 317.10. Second support
is last Monday's low crossing at 311.65.

March crude oil closed lower on Wednesday as it extends this week's breakout below the 10-day moving average crossing at
90.10. Today's low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are 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 90.10. Second resistance is the 20-day moving
average crossing at 90.66. First support is today's low crossing at 86.66. Second support is January's low crossing at 85.42.

March Henry natural gas closed higher on Wednesday and the mid-range close sets the stage for a steady opening on Thursday.
Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes
above last week's high crossing at 8.123 are needed to renew the rally off January's low. If March extends the decline off
January's high, January's low crossing at 7.534 is the next downside target. First resistance is today's high crossing at 8.080
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.

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