outlook

June gold closed lower on Tuesday and below the 10-day moving average crossing at 922.10. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are bearish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 947.20 are needed to confirm that a short-term low has been posted. If June renews the decline off March's high, the 50% retracement level crossing at 854.30 is the next downside target. First resistance is Monday's high crossing at 933.70. Second resistance is the 25% retracement level crossing at 946.60. First support is last Tuesday's low crossing at 876.30. Second support is the 50% retracement level crossing at 854.30.
May silver closed lower on Tuesday as it consolidated some of the rally off last week's low. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 18.429 are needed to confirm that a short-term low has been posted. If May renews this spring's decline, the 62% retracement level crossing at 15.438 is the next downside target. First resistance is Monday's high crossing at 18.130 then the 20-day moving average crossing at 18.429. First support is today's low crossing at 17.440 then the 50% retracement level crossing at 16.585.

May copper closed sharply 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 Wednesday. Stochastics and the RSI are overbought and are turning neutral hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 379.37 would signal that a short-term top has been posted. If May extends the rally off March's low, March's high crossing at 402.40 is the next upside target. First resistance is Monday's high crossing at 400.00. Second resistance is March's high crossing at 402.40. First support is the 10-day moving average crossing at 386.59. Second support is the 20-day moving average crossing at 379.37.

May crude oil closed slightly lower on Tuesday as it consolidates above the previous reaction high crossing at 108.22. The mid-
range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain 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 the 10-day moving average crossing 105.44 would signal that a double top with March's high has been posted. First resistance is today's high crossing at 109.64. Second resistance is March's high crossing at 110.35. First support is the 10-day moving average crossing at 105.45. Second support is the 20-day moving average crossing at 105.38.

May Henry natural gas closed lower on Tuesday as it consolidates some of Monday's rally but remains above the 20-day moving average crossing at 9.668. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends Monday's rally, the reaction high crossing at 10.210 is the next upside target. Closes below last Friday's low crossing at 9.290 would open the door for a possible test of March's low crossing at 8.750. First resistance is today's high crossing at 9.938 then last Monday's high crossing at 10.210. First support is last Friday's low crossing at 9.29. Second support is the 38% retracement level of this year's rally crossing at 9.117.

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