BULLION

Gold closed slightly higher on Tuesday due to profit taking triggered by strength in the US Dollar. A late-day rally tempered early losses and the high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning bearish signalling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it extends the rally off February's low, January's high crossing is the next upside target.

Silver closed higher due to late-day rally on Tuesday as it consolidates 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 Wednesday. Stochastics and the RSI are 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.

U.S. STOCK MARKET INDICES

DJI closed higher on Tuesday as it extends the rally off February's low. Profit taking tempered early gains and the mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that additional gains are still possible. SPI closed higher on Tuesday as it extends the rally off February's low. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought, but remain neutral to bullish signalling that sideways to higher prices are possible near-term. NDI closed higher on Tuesday as it extends the rally off February low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term.

ENERGY

Crude Oil closed lower due to profit taking on Tuesday but remains above the 75% retracement level of the January-February decline crossing. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought, diverging 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 lower on Tuesday as it extends this winter's decline. The mid-range close sets the stage for a steady opening on Wednesday. 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, weekly support 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 higher due to short covering on Tuesday as it consolidates above the 62% retracement level of the July-December rally crossing. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are turning neutral signalling that sideways trading is possible near-term. If it extends this winter's decline, the 75% retracement level of the July-December rally crossing is the next downside target.

HY Markets
http://www.hymarkets.com