outlook

April gold closed sharply lower for the second day in row on Thursday and closed below the 25% retracement level of the 2007-
2008-rally crossing at 942.20. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the
RSI remain bearish signaling that sideways to lower prices are possible near-term. If April extends this week's decline, the 38%
retracement level crossing at 893.70 is the next downside target. Closes above the 10-day moving average crossing at 976.30
would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 970.90. Second
resistance is the 10-day moving average crossing at 976.30. First support is today's low crossing at 904.70. Second support is
the 38% retracement level crossing at 893.70.

May silver closed sharply lower on Thursday and below the 38% retracement level of the August-March rally crossing at
17.731. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain bearish
signaling that sideways to lower prices are possible near-term. If May extends this week's decline, the 50% retracement level
crossing at 16.585 is the next downside target. Closes above the 10-day moving average crossing at 19.634 are needed to
confirm that a short-term low has been posted. First resistance is the 38% retracement crossing at 17.731 then the 25%
retracement level crossing at 19.015. First support is today's low crossing at 16.725 then the 50% retracement level crossing at
16.585.

May copper closed lower on Thursday and below the 38% retracement level of the December-March rally crossing at 358.50 as
it extended this week's decline. A short covering rally tempered early losses and the mid-range close sets the stage for a steady
opening on Monday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are
possible near-term. If May extends this week's decline, the 50% retracement level of the December-March rally crossing at
344.85 is the next downside target. First resistance is the 10-day moving average crossing at 376.22. Second resistance is the
20-day moving average crossing at 380.96. First support is today's low crossing at 346.10. Second support is the 50%
retracement level crossing at 358.50.

May crude oil closed lower on Thursday as it extends yesterday's decline below the 20-day moving average crossing at 103.54.
A short covering rally tempered some of today's decline and the mid-range close sets the stage for a steady opening on Monday.
Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If May extends this
week's decline, the reaction low crossing at 98.33 is the next downside target. Closes above the 10-day moving average crossing
106.07 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 103.55.
Second resistance is the 10-day moving average crossing at 106.07. First support is today's low crossing at 98.65. Second
support is the reaction low crossing at 98.33.

May Henry natural gas closed higher on Thursday as it consolidated some of Wednesday's decline and closed above the 38%
retracement level of the December-March rally crossing at 9.117. The high-range close sets the stage for a steady to higher
opening on Monday. 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 December-March rally crossing
at 8.732 is the next downside target. First resistance is the 20-day moving average crossing at 9.568 then the 10-day moving
average crossing at 9.726. First support is today's low crossing at 8.750. Second support is the 50% retracement level of this
year's rally crossing at 8.732.

MCXARUN
9994500540