outlook

June gold closed sharply higher on Tuesday as it consolidated some of the decline off last week's high. The high-range close sets
the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish
signaling that sideways to lower prices are possible near-term. If June extends last week's decline, the 38% retracement level
crossing at 897.80 is the next downside target. Closes above the 20-day moving average crossing at 974.30 would confirm that
a short-term low has been posted. First resistance is the 10-day moving average crossing at 972.30. Second resistance is the 20-
day moving average crossing at 974.30. First support is last Thursday's low crossing at 909.00. Second support is the 38%
retracement level crossing at 897.80.

May silver closed higher on Tuesday due to short covering as it consolidated some of last week's decline. The high-range close
sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to 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 20-day moving average crossing at 19.512 are needed to
confirm that a short-term low has been posted. First resistance is today's high crossing at 17.900 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 Tuesday as it consolidates some of last week's decline. The high-range close sets the stage for a
steady to higher opening on Wednesday. Stochastics and the RSI are oversold and are turning bullish hinting that a short-term
low might be in or is near. Closes above the 20-day moving average crossing at 379.73 are needed to confirm that a low has
been posted. If May renews 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 372.19. Second resistance is the 20-day
moving average crossing at 379.73. 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 higher on Tuesday as it consolidates above the 25% retracement level of the August-March rally crossing
at 99.77. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 105.32 would confirm that a
short-term low has been posted. First resistance is the 20-day moving average crossing at 103.86. Second resistance is the 10-
day moving average crossing at 105.32. 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 Tuesday as it consolidated some of last week's decline. The high-range close sets the
stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning bullish signaling that a short-term low
might be in or is near. Closes above the 10-day moving average crossing at 9.629 would confirm that a short-term low has been
posted. If April renews 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 9.592 then the 10-day moving average crossing at
9.629. 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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