outlook

April gold closed higher on Thursday as it consolidated some of Tuesday's decline but remains below the 10-day moving
average crossing at 916.20. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the
RSI remain bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the
25% retracement level of the August-January rally crossing at 873.90 is the next downside target. Closes above the 10-day
moving average crossing at 916.30 would temper the near-term bearish outlook in the market. First resistance is today's high
crossing at 915.20 then the 10-day moving average crossing at 916.30. First support is Tuesday's low crossing at 888.40 then
the 25% retracement level crossing at 873.90.

March silver closed higher on Thursday as it consolidated some of the decline off last Friday's high. The high-range close sets
the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bearish signaling that a short-term top might
be in or is near. Closes below the 20-day moving average crossing at 16.451 are needed to confirm that a short-term top has
been posted. If March renews the rally off December's low, weekly resistance crossing at 17.500 is the next upside target. First
resistance is last Friday's high crossing at 17.345 then month resistance crossing at 17.500. First support is Wednesday's low
crossing at 16.230 then the 25% retracement level of the August-February rally crossing at 15.895.

March copper closed sharply higher on Thursday and above the 62% retracement level of the October-December decline
crossing at 340.77. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are
neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally, the 75%
retracement level crossing at 352.60 is the next upside target. Closes below Wednesday's low crossing at 317.10 would confirm
that a short-term top has been posted. First resistance is today's high crossing at 346.20. Second resistance is the 75%
retracement level crossing at 352.60. First support is today's low crossing at 317.10. Second support is the 20-day moving
average crossing at 324.55.

March crude oil closed higher on Thursday as it consolidates some of this week's decline but remains below the 10-day moving
average crossing at 89.97. Today's high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the
RSI remain bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline,
January's low crossing at 85.42 is the next downside target. Closes above last week's high crossing at 92.71 are needed to
confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 89.97. Second
resistance is the 20-day moving average crossing at 90.32. First support is today's low crossing at 86.24. Second support is
January's low crossing at 85.42.

March Henry natural gas closed higher on Thursday and 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. Closes above last
week's high crossing at 8.123 are needed to renew the rally off January's low and would open the door for a possible test of
January's high crossing at 8.397 later this winter. If March renews the decline off January's high, January's low crossing at
7.534 is the next downside target. First resistance is today's high crossing at 8.130 then January's high crossing at 8.397. First
support is Monday's low crossing at 7.580. Second support is January's low crossing at 7.534.

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GENERAL MARKET CONDITIONS

The European central bank has shifted its focus from inflation to growth after it acknowledged that the Eurozone will be affected by a slowdown in the US economy. Bank of England and Fed interest rate cuts will only prevent investors from investing in equities. If the investor cannot invest in equities, bond yields are too low to invest as they do not cover inflation, real estate prices are volatile, emerging market equities provide cheap valuations at the current prices but are volatile, then where should he park his money? My answer is only commodities which include a balance between soft commodities, precious metals and base metals. If investment in commodities rises, gold will rise and will detach itself away from the movement in the currency markets.

Gold and silver will be volatile for the rest of the day. Silver and copper should outperform gold. Crude oil is finding buyers at higher levels. It remains to be seen whether traders will square off their positions over the weekend or go long. Base metals should rise further as there is a technical break out. Zinc, its better to remain on the sidelines as there are huge longs at higher levels and investors are also averaging at lower levels.

GOLD -- APRIL FUTURE -- INTRA DAY PIVOT:$898.0

As long gold holds $897 it will target $924 and $942 once again. Gold has to fall below $897 for further losses to $887 and $872.0

COPPER -- MARCH FUTURE -- INTRA DAY PIVOT: $336.60

As long as copper holds $336 it will target $360.50 and $372 in the short term. LME copper 3 months can rise to $7900 if it holds $7425.

MCXARUN
9994500540