OUTLOOK

April gold closed lower on Tuesday as it consolidates some of this month's rally and is trading below psychological resistance
crossing at 1000.00. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI
are overbought, diverging and are turning neutral to bearish hinting that a short-term top might be in or is near. If April extends
this winter's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average
crossing at 972.00 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 1033.90.
First support is the 10-day moving average crossing at 986.20. Second support is the 20-day moving average crossing at
972.00.

May silver closed lower on Tuesday and below the 10-day moving average crossing at 20.128 hinting that a double top with the
March 6th high might have been posted with Monday. The low-range close sets the stage for a steady to lower opening on
Wednesday. Stochastics and the RSI are diverging and are turning neutral to bearish hinting that a short-term top might be in or
is near. Closes below the 20-day moving average crossing at 19.514 are needed to confirm that a short-term top has been posted. If May extends this winter's rally, monthly resistance crossing at 22.51 is the next upside target. First resistance is
Monday's high crossing at 21.440 then monthly resistance crossing at 22.51. First support is Monday's low crossing at 19.800
then the 20-day moving average crossing at 19.514.

May copper posted an inside day with a higher close on Tuesday as it consolidated some of Monday's decline but remains
below the 20-day moving average crossing at 382.61. The high-range close sets the stage for a steady to higher opening on
Wednesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If
May extends this week's decline, the 38% retracement level of the December-March rally crossing at 358.50 is the next
downside target. First resistance is the 20-day moving average crossing at 382.60. Second resistance is last Friday's high
crossing at 390.00. First support is Monday's low crossing at 365.40. Second support is the 38% retracement level crossing at
358.50.

May crude oil closed higher on Tuesday and above the 10-day moving average crossing at 106.40 as it consolidated some of
Monday's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. However, stochastics and
the RSI are overbought and are turning bearish signaling that sideways to lower prices are possible near-term. Closes below the
20-day moving average crossing at 103.15 are needed to confirm that a short-term top has been posted. If May extends this
winter's rally, upside targets will be hard to project although, this winter's trading range projects a possible rally to the 113.20
area. First resistance is today's high crossing at 107.19. Second resistance is Monday's high crossing at 110.35. First support is
the 20-day moving average crossing at 103.15. Second support is the reaction low crossing at 98.87.

April Henry natural gas posted an inside day with a higher close on Tuesday as it consolidated some of Monday's decline but
remains below the 20-day moving average crossing at 9.496. The high-range close sets the stage for a steady to higher opening
on Wednesday. Stochastics and the RSI remain bearish following Monday's sharp decline signaling that sideways to lower
prices are possible near-term. If April extends this week's decline, the 50% retracement level of this year's rally crossing at
8.662 is the next downside target. First resistance is the 20-day moving average crossing at 9.496 then the 10-day moving
average crossing at 9.785. First support is Monday's low crossing at 9.064. Second support is the 50% retracement level of this
year's rally crossing at 8.662.

MCXARUN
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