BULLION

Gold closed higher due to short covering on Thursday but remains below 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 remain bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, the reaction low crossing is the next downside target. Closes above Wednesday's high crossing would temper the near-term bearish outlook in the market.

Silver closed higher due to short covering on Thursday as it consolidated some of Wednesday's decline. 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 signalling that a short-term top might be in or is near. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted. If it renews the rally off February's low, the 75% retracement level of the aforementioned decline crossing is the next upside target.

U.S. STOCK MARKET INDICES

DJI closed higher on Thursday as it extends 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 but remain neutral to bullish signalling that additional gains are still possible. SPI closed higher on Thursday as it extended 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, but remain neutral to bullish signalling that sideways to higher prices are possible near-term. NDI closed higher on Thursday as it extended the rally off February low. The high-range close sets the stage for a steady to higher opening on Friday. 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 higher on Thursday as it consolidates 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 Friday. Stochastics and the RSI are overbought, diverging 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 87% retracement level of the January-February decline crossing is the next upside target.

COFFEE

Coffee closed higher on Thursday and above the 20-day moving average crossing confirming that a short-term low has been posted. The high-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 this week's rally, the reaction high crossing is the next upside target.

HY Markets
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