outlook

June gold closed lower on Monday due to lower energy prices and end-of-quarter profit taking. The low-range close sets the
stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral hinting that sideways to lower
prices are possible near-term. If June renews this month's decline, the 38% retracement level crossing at 897.80 is the next
downside target. Closes above the 20-day moving average crossing at 968.90 are needed to confirm that a short-term low has
been posted. First resistance is the 10-day moving average crossing at 951.80. Second resistance is the 20-day moving average
crossing at 968.90. First support is March's low crossing at 909.00. Second support is the 38% retracement level crossing at
897.80.

May silver closed lower due to profit taking on Tuesday as it consolidated some of last week's rally. The low-range close sets
the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral hinting that sideways to lower
prices are possible near-term. If May renews 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 19.228 are needed to confirm that a short-term low has
been posted. First resistance is today's high crossing at 18.220 then the 25% retracement level crossing at 19.015. First support
is today's low crossing at 17.060 then March's low crossing at 16.725.

May copper closed slightly lower on Monday due to profit taking as it consolidated some of last week's rally but remains above
the 20-day moving average crossing at 379.08. The low-range close sets the stage for a steady to lower opening on Tuesday.
Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If May extends last
week's rally, March's high crossing at 402.40 is the next upside target. Closes below the 10-day moving average crossing at
371.90 would signal that a short-term top has been posted. First resistance is last Friday's high crossing at 392.75. Second
resistance is March's high crossing at 402.40. First support is the 20-day moving average crossing at 379.08. Second support is
the 25% retracement level crossing at 373.77.

May crude oil closed sharply lower on Monday due to end-of-month profit taking and closed well below the 10-day moving
average crossing at 103.97. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the
RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews last week's rally,
March's high crossing at 110.35 is the next upside target. Closes below the reaction low crossing 98.65 would renew this
month's decline and could lead to a test of the 38% retracement level of the 2007-2008-rally crossing at 94.17. First resistance
is last Thursday's high crossing at 108.22. Second resistance is March's high crossing at 110.35. First support is today's low
crossing at 100.25. Second support is the 25% retracement level crossing at 99.77.

May Henry natural gas closed higher on Monday as it extends the rally off this month's low. Profit taking tempered early gains
and the mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain bullish signaling that
sideways to higher prices are possible near-term. If April extends today's rally, March's high crossing at 10.365 is the next
upside target. Closes below the 10-day moving average crossing at 9.511 would signal that a short-term top has been posted.
First resistance is today's high crossing at 10.210 then March's high crossing at 10.365. First support is the 20-day moving
average crossing at 9.689. Second support is the 25% retracement level of this year's rally crossing at 9.548.

MCXARUN
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