BULLION

Gold closed lower on Wednesday and spiked below support marked by the 20-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it resumes this month's rally, the reaction high crossing is the next upside target.

Silver closed lower due to profit taking on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bearish signalling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing would temper the near-term friendly outlook. If it extends the rally off this month's low, the reaction high crossing is the next upside target.

U.S. STOCK MARKET INDICES

DJI closed higher due to short covering on Wednesday as it consolidated some of Tuesday's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. SPI closed higher due to short covering on Wednesday as it consolidated some of Tuesday's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. NDI closed higher due to short covering on Wednesday as it consolidated some of Tuesday's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near.

ENERGY

Crude Oil closed higher on Wednesday and remains poised to extend the rally off this month's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.

Natural Gas closed higher on Wednesday and remains poised to extend the rally off this month's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.

COFFEE

Coffee closed slightly lower on Wednesday and the mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI have turned bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, this month's low crossing is the next downside target. Closes above last Friday's high crossing are needed to renew the rally off this month's low.

HY Markets
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