OUTLOOK

April gold closed sharply lower due to profit taking on Tuesday following April's inability to take out Monday's high in early
trading. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought
and are turning neutral hinting that a short-term top might be in or is near. If March extends this month's rally, monthly
resistance crossing at 1000.00 is the next upside target. Closes below the 20-day moving average crossing at 934.90 would
confirm that a short-term top has been posted. First resistance is Monday's high crossing at 991.90 then monthly resistance
crossing at 1000.00. First support is the 10-day moving average crossing at 957.60. Second support is the 20-day moving
average crossing at 934.90.

May silver closed lower on Tuesday as it consolidated some of this year's rally. The low-range close sets the stage for a steady
to lower opening on Wednesday. Stochastics and the RSI are overbought but remain neutral signaling that sideways to higher
prices are possible near-term. If May extends this winter's rally, monthly resistance crossing at 21.340 is the next upside target.
Closes below the 20-day moving average crossing at 18.131 are needed to confirm that a short-term top has been posted. First
resistance is Monday's high crossing at 20.610 then monthly resistance crossing at 21.340. First support is the 10-day moving
average crossing at 19.012 then the 20-day moving average crossing at 18.131.

May copper closed sharply lower on Tuesday as it consolidated some of this winter's rally. The low-range close sets the stage
for a steady to lower opening on Wednesday. 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 last Tuesday's low crossing at 368.50 would 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 Monday's high crossing at 396.70. Second resistance is weekly resistance crossing at 416.00. First support is
today's low crossing at 380.30. Second support is last Tuesday's low crossing at 368.50.

April crude oil closed sharply lower on Tuesday and below the 10-day moving average crossing at 100.30 signaling that a short-
term top has been posted. Ideas that the U.S. Dollar might be trying to form a short-term low triggered today's sell off. 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. Closes below the 20-day moving average
crossing at 96.46 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
Monday's high crossing at 103.95. First support is today's low crossing at 98.87. Second support is the 20-day moving average
crossing at 96.46.

April Henry natural gas closed slightly lower on Tuesday as it consolidates some of this winter's rally but remains above broken
resistance crossing at 9.220. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are
overbought but are neutral signaling that sideways to higher prices are possible near-term. If March extends this winter's rally,
monthly resistance crossing at 9.820 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 Monday's high crossing at 9.605 then monthly resistance crossing at
9.820. First support is the 10-day moving average crossing at 9.207. Second support is the reaction low crossing at 8.981.

MCXARUN
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