BULLION

Gold closed higher on Wednesday as it extends the rally off February's low. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off February's low, January's high crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.

Silver closed higher on Wednesday and above the 50% retracement level of the December-February decline crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are becoming overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off February's low, the 62% retracement level of the aforementioned decline crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.

U.S. STOCK MARKET INDICES

DJI closed higher on Wednesday as it extended some of the rally off February's low. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought, diverging but are turning neutral to bullish hinting that additional gains are still possible. SPI closed slightly higher on Wednesday but remains below the 75% retracement level of the January-February decline crossing as it extended the rally off February's low. The mid-range close sets the stage for a steady opening on Thursday. NDI closed higher on Wednesday and the mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signalling that sideways to higher prices are possible near-term.

ENERGY

Crude Oil closed higher on Wednesday renewing the rally off February's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought, diverging and are turning neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off February's low, the 75% retracement level of the January-February decline crossing is the next upside target.

Natural Gas closed higher due to short covering on Wednesday as it consolidates some of Monday's decline but remains below the 87% retracement level of the December-January rally crossing. The high-range close sets the stage for a steady to higher opening on Thursday. 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 winter's decline, December's low crossing is the next downside target.

COFFEE

Coffee closed lower on Wednesday but remains above the 75% retracement level of the July-December rally crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning bullish signalling that a low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.

HY Markets
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