BULLION

Gold closed higher on Friday due to short covering as it extended Thursday's rally. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral hinting that sideways to higher prices are possible near-term. If it resumes this month's rally, the reaction 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 Friday and posted the highest close for the month. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible near-term. If it renews the rally off this month's low, the reaction high crossing is the next upside target. Closes below Thursday's low crossing would temper the near-term friendly outlook.

U.S. STOCK MARKET INDICES

DJI closed slightly higher on Friday as it consolidated some of Thursday's decline. It traded both sides of the ledger today as support came from reports showing business activity expanded during February and GDP came in above previous estimates. The high-range close sets the stage for a steady to higher opening on Monday. SPI closed higher on Friday and the mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are overbought and are turning neutral to 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. NDI closed higher on Friday and the high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but are turning neutral hinting that sideways to higher prices are possible near-term.

ENERGY

Crude Oil closed higher due to short covering on Friday as it consolidates some of Thursday's decline. The high-range close sets the stage for a steady to higher opening on Monday. 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.

COFFEE

Coffee closed higher due to short covering on Friday as it consolidates above the 75% retracement level of the July-December rally crossing. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends last week's decline, the 87% retracement level of the July-December rally crossing is the next downside target.

HY Markets
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