BULLION

Gold closed higher on Thursday due to short covering as it consolidates above the 20-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Friday. 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 higher due to short covering on Thursday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bearish signalling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing would temper the near-term friendly outlook. If it renews the rally off this month's low, the reaction high crossing is the next upside target.

U.S. STOCK MARKET INDICES

DJI closed lower on Thursday but the high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. SPI closed slightly lower on Thursday but the high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. NDI closed slightly higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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 lower on Thursday as it consolidates this month's rally. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top is in or is near. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted. If it resumes this month's rally, the 75% retracement level of the January-February decline crossing is the next upside target.

Natural Gas closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, December's low crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a low has been posted.

COFFEE

Coffee closed lower on Thursday as it renewed the decline off December's low. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, the 87% retracement level of the July-December rally crossing is the next downside target.

HY Markets
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