out look

April gold posted an inside day with a lower close on Thursday as it consolidated some of Wednesday's rally. The mid-range
close sets the stage for a steady opening on Friday. Stochastics and the RSI are overbought and are turning bearish hinting that
a short-term top might be in or is near. Closes below the 20-day moving average crossing at 943.60 would confirm that a short-
term top has been posted. If March extends this month's rally, monthly resistance crossing at 1000.00 is the next upside target.
First resistance is Wednesday's high crossing at 995.20 then monthly resistance crossing at 1000.00. First support is the 10-day
moving average crossing at 965.80. Second support is the 20-day moving average crossing at 943.60.

May silver posted a downside reversal on Thursday as it consolidated some of this year's rally. The low-range close sets the
stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought and are turning bearish hinting that a
pause or setback is possible near-term. Closes below the 20-day moving average crossing at 18.505 are needed to confirm that a
short-term top has been posted. If May extends this winter's rally, monthly resistance crossing at 21.340 is the next upside
target. First resistance is today's high crossing at 21.325 then monthly resistance crossing at 21.340. First support is the 10-day
moving average crossing at 19.517 then the 20-day moving average crossing at 18.504.

May copper posted a downside reversal on Thursday as it consolidated some of this winter's rally. The low-range close sets the
stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought, diverging and are turning bearish hinting
that a short-term top might be in or is near. Closes below last Tuesday's low crossing at 368.50 are needed to confirm that a
short-term top has been posted. If May extends this winter's rally, weekly resistance crossing at 416.00 is the next upside target.
First resistance is today's high crossing at 402.40. Second resistance is weekly resistance crossing at 416.00. First support is
Wednesday's low crossing at 379.20. Second support is the 20-day moving average crossing at 373.56.

April crude oil closed higher on Thursday and posted a new all-time high as it extends this winter's rally. Profit taking tempered
early gains and the mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are overbought,
diverging and are neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving
average crossing at 98.13 are needed to confirm that a short-term top has been posted. If April extends this winter's rally above
January's high, upside targets will be hard to project now that April has traded into uncharted territory. First resistance is
today's high crossing at 105.97. First support is Tuesday's low crossing at 98.87. Second support is the 20-day moving average
crossing at 98.13.

April Henry natural gas closed slightly higher on Thursday and is challenging monthly resistance crossing at 9.820. The mid-
range close sets the stage for a steady opening on Friday. Stochastics and the RSI are overbought but remain neutral signaling
that sideways to higher prices are possible near-term. If April extends this winter's rally, monthly resistance crossing at 10.185
is the next upside target. Closes below the reaction low crossing at 8.981 would confirm that a short-term top has been posted.
First resistance is today's high crossing at 9.876 then monthly resistance crossing at 10.185. First support is the 10-day moving
average crossing at 9.373. Second support is the reaction low crossing at 8.981.

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