outlook

June gold closed sharply higher for the second day in row on Wednesday 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 Thursday. Stochastics and the RSI are oversold and
are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average
crossing at 974.30 are needed to confirm that a short-term low has been posted. If June renews last week's decline, the 38%
retracement level crossing at 897.80 is the next downside target. First resistance is the 10-day moving average crossing at
969.60. 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 sharply higher for the second day in row on Wednesday as it consolidated some of last week's decline. The
high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold and are turning
neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at
19.488 are needed to confirm that a short-term low has been posted. If May renews last week's decline, the 50% retracement
level crossing at 16.585 is the next downside target. First resistance is today's high crossing at 18.490 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 Wednesday and above the 10-day moving average crossing at 371.73 signaling that a short-term
low has likely been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the
RSI have turned bullish hinting that sideways to higher prices are possible near-term. Closes above the 20-day moving average
crossing at 379.47 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 today's high crossing at
375.00. Second resistance is the 20-day moving average crossing at 379.47. First support is the 38% retracement level of the
December-March rally crossing at 358.50. Second support is the 50% retracement level crossing at 358.50.

May crude oil closed sharply higher on Wednesday and above the 10-day moving average crossing at 105.15 confirming that a
short-term low has been posted. Today's inventory report along with speculator buying underpinned today's rally. The high-
range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral hinting that
sideways to higher prices are possible near-term. If May extends today's rally, March's high crossing at 110.35 is the next
upside target. Closes below last Thursday's 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 today's high crossing at 106.20. Second
resistance is March's high crossing at 110.35. First support is the 20-day moving average crossing at 104.13. Second support is
the 25% retracement level crossing at 99.77.

May Henry natural gas closed higher on Wednesday and above the 10-day moving average crossing at 9.589 confirming that a
short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and
the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes below Monday's low
crossing at 9.089 would temper the near-term friendly outlook in the market. 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 today's high
crossing at 9.749 then March's high crossing at 10.365. First support is last Monday's low crossing at 9.089. Second support is
the 50% retracement level of this year's rally crossing at 8.732.

MCXARUN
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