BULLION

Gold closed lower on Thursday and the mid-range close sets the stage for a steady to higher opening on Friday. 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 lower on Thursday and above the 50% retracement level of the December-February decline crossing. The mid-range close sets the stage for a steady on Friday. Stochastics and the RSI 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 Thursday as it extended some of the rally off February's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought, diverging but remain neutral to bullish hinting that additional gains are still possible. SPI closed slightly higher on Thursday but remains below the 75% retracement level of the January-February decline crossing as it extended the rally off February's low. The high-range close sets the stage for a steady to higher opening on Friday. NDI closed higher on Thursday and the high-range close sets the stage for a steady to higher opening on Friday. 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 lower on Thursday and the low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain 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.

COFFEE

Coffee closed lower on Thursday but remains above the 75% retracement level of the July-December rally crossing. The mid-range close sets the stage for a steady opening on Friday. 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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