outlook

April gold closed lower for the third day in row on Monday and the low-range close sets the stage for a steady to lower opening
on Tuesday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-
term. If April extends last week's decline, the 38% retracement level crossing at 893.70 is the next downside target. Closes
above the 20-day moving average crossing at 968.40 would confirm that a short-term low has been posted. First resistance is
the 10-day moving average crossing at 965.40. Second resistance is the 20-day moving average crossing at 968.40. First
support is last Thursday's low crossing at 904.70. Second support is the 38% retracement level crossing at 893.70.

May silver closed higher on Monday due to short covering as it consolidated some of last week's decline but remains 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 Tuesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If
May extends last 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 19.614 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 last Thursday's low crossing
at 16.725 then the 50% retracement level crossing at 16.585.

May copper closed higher on Monday and above the 38% retracement level of the December-March rally crossing at 358.50 as
it consolidated some of last week's decline. The high-range close sets the stage for a steady to higher opening on Tuesday.
Stochastics and the RSI are oversold and are turning neutral hinting that a short-term low might be in or is near. Closes above
the 20-day moving average crossing at 379.12 are needed to confirm that a low has been posted. If May extends last 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 370.97. Second resistance is the 20-day moving average crossing at 379.12. First
support is last Thursday's low crossing at 346.10. Second support is the 50% retracement level crossing at 358.50.

May crude oil closed lower on Monday as it extends last week's decline below the 20-day moving average crossing at 103.71.
The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain bearish signaling
that sideways to lower prices are possible near-term. If May extends last week's decline, the reaction low crossing at 98.33 is
the next downside target. Closes above the 10-day moving average crossing 105.82 would confirm that a short-term low has
been posted. First resistance is the 20-day moving average crossing at 103.71. Second resistance is the 10-day moving average
crossing at 105.82. First support is last Thursday's low crossing at 98.65. Second support is the reaction low crossing at 98.33.

May Henry natural gas closed higher on Friday as it consolidated some of last week's decline. The high-range close sets the
stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral hinting that a short-term low might
be in or is near. If April extends last 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 9.577 then the 10-day moving average
crossing at 9.683. First support is last Thursday's low crossing at 8.750. Second support is the 50% retracement level of this
year's rally crossing at 8.732.

MCXARUN
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