PRECIOUS METALS

April gold closed higher on Friday as it extended this year's rally into
uncharted territory. The high-range close sets the stage for a steady to higher
opening on Monday. Stochastics and the RSI are diverging and are turning
neutral to bullish signaling that sideways to high prices are possible
near-term. The inverted head and shoulders formation projects a potential
upside target of 1514.90 later this spring. Closes below the 20-day moving
average crossing at 1445.30 would confirm that a short-term top has been
posted. First resistance is today's high crossing at 1489.10. Second resistance
is the inverted head and shoulders formation, which project a potential upside
target of 1514.90. First support is the 10-day moving average crossing at
1461.40. Second support is the 20-day moving average crossing at 1445.30.


May silver closed higher on Friday and posted a new all-time high close. The
high-range close set the stage for a steady to higher opening on Monday.
Stochastics and the RSI are diverging but are turning bullish signaling that
sideways to higher prices are possible near-term. If May extends this winter's
rally into uncharted territory, upside targets will be hard to project. Closes
below the 20-day moving average crossing at 38.685 are needed to confirm that a
short-term top has been posted. First resistance is today's high crossing at
42.865. First support is the 10-day moving average crossing at 40.261. Second
support is the 20-day moving average crossing at 38.685.


May copper closed lower on Friday extending this week's decline. The
low-range close sets the stage for a steady to lower opening on Monday.
Stochastics and the RSI remain bearish signaling that sideways to lower prices
are possible near-term. If May extends this week's decline, the reaction low
crossing at 421.20 is the next downside target. If May renews the rally off
March's low, March's high crossing at 455.40 is the next upside target. First
resistance is the 20-day moving average crossing at 434.43. Second resistance
is Monday's high crossing at 453.30. First support is the reaction low crossing
at 421.20. Second support is March's low crossing at 407.60. 

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