outlook

June gold closed slightly lower on Thursday as it consolidated some of this week's short covering gains. The mid-range close
sets the stage for a steady opening on Friday. 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 973.70 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 966.30. Second resistance is the 20-day moving average
crossing at 973.70. 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 Thursday as it extends this week's short covering rally. The high-range close sets the stage for a
steady to higher opening on Friday. Stochastics and the RSI have turned bullish hinting that a short-term low might be in or is
near. Closes above the 20-day moving average crossing at 19.443 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 18.685 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 Thursday and above the 20-day moving average crossing at 379.45 confirming that a short-term
low has been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are
bullish signaling that sideways to higher prices are possible near-term. If May extends this week's rally, March's high crossing
at 402.40 is the next upside target. Closes below the 10-day moving average crossing at 371.80 would signal that a short-term
top has been posted. First resistance is today's high crossing at 389.40. Second resistance is March's high crossing at 402.40.
First support is the 10-day moving average crossing at 371.82. Second support is the 38% retracement level crossing at 358.50.

May crude oil closed higher on Thursday as it extends yesterday's rally above the 10-day moving average crossing at 105.05.
The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned bullish
signaling that sideways to higher prices are possible near-term. If May extends this week'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
108.22. Second resistance is March's high crossing at 110.35. First support is the 10-day moving average crossing at 105.04.
Second support is the 25% retracement level crossing at 99.77.

May Henry natural gas closed slightly lower on Thursday as it consolidated some of this week's rally but remains above the 10-
day moving average crossing at 9.551. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics
and the RSI are bullish signaling that sideways to higher prices are possible near-term. If April extends this week's rally,
March's high crossing at 10.365 is the next upside target. Closes below Monday's low crossing at 9.089 would temper the near-
term friendly outlook in the market. First resistance is today's high crossing at 9.770 then March's high crossing at 10.365.
First support is the 38% retracement level of this year's rally crossing at 9.117. Second support is the 50% retracement level of
this year's rally crossing at 8.732.

MCXARUN
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