outlook

April gold was higher overnight as it rebounds off support marked by the 10-day moving average
crossing at 978.40. Stochastics and the RSI are turning neutral signaling that sideways to higher
prices are possible near-term. If April extends this winter's rally, psychological resistance crossing
at 1000.00 is the next upside target. Closes below the 20-day moving average crossing at 959.10
would confirm that a short-term top has been posted. First resistance is last Wednesday's high
crossing at 995.20 then, psychological resistance crossing at 1000.00. First support is Monday's
low crossing at 961.90. Second support is the 20-day moving average crossing at 959.10.

May silver was higher overnight and is trading above the 10-day moving average crossing at
20.116 as it consolidates some of last week's decline. Stochastics and the RSI remain neutral to
bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day
moving average crossing at 19.169 are needed to confirm that a short-term top has been posted. If
May renews this winter's rally, monthly resistance crossing at 21.340 is the next upside target.
First resistance is the overnight high crossing at 20.570. Second resistance is last Thursday's high
crossing at 21.325. First support is Monday's low crossing at 19.280 then the 20-day moving
average crossing at 19.169.

May copper was lower overnight as it consolidates some of Wednesday's rally. Stochastics and the
RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes below
the 20-day moving average crossing at 380.78 would confirm that a short-term top has been
posted. If March renews this winter's rally, monthly resistance crossing at 416.00 is the next
upside target. First resistance is the 10-day moving average crossing at 386.44. Second resistance
is last Thursday's high crossing at 402.40. First support is Wednesday's low crossing at 375.00
then the reaction low crossing at 368.50.

April crude oil was steady to slightly lower overnight as it consolidates some of this week's rally.
Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to
higher prices are possible near-term. If April extends the rally off February's low into uncharted
territory, upside targets will hard to project. Although, this winter's trading range projects a
possible rally to the 113.20 area before a correction is possible. Closes below the 20-day moving
average crossing at 102.24 are needed to confirm that a short-term top has been posted. First
resistance is Wednesday's high crossing at 110.20. First support is the 10-day moving average
crossing at 105.51. Second support is the 20-day moving average crossing at 102.24.

April Henry natural gas was steady to slightly higher overnight as it extends this week's rally.
Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to
higher prices are possible near-term. If March extends this winter's rally, monthly resistance
crossing at 10.185 is the next upside target. Closes below the 20-day moving average crossing at
9.392 are needed to confirm that a short-term top has been posted. First resistance is Tuesday's
high crossing at 10.139. Second resistance is monthly resistance crossing at 10.185. First support
is the 10-day moving average crossing at 9.738. Second support is the 20-day moving average
crossing at 9.392.

MCXARUN
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