World commodity chart update for 24/04/2009

Gold closed higher due to short covering on Thursday as it advanced for a second day. The high-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing would temper the near-term bullish outlook.

Silver closed higher due to short covering on Thursday as it climbed after U.S. stocks reversed a rally on concern government stress tests on banks will undermine confidence. The high-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing would temper the near-term bullish outlook.

U.S. STOCK MARKET INDICES

DJI closed higher on Thursday after recouping yesterday’s drop. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but are neutral to bullish signalling that sideways to higher prices are possible near-term. SPI closed higher on Thursday due to short covering. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but are neutral to bullish signalling that sideways to higher prices are possible near-term. NDI closed higher on Thursday as government efforts to fix the financial system and revive economic growth fuel speculation a global recession is subsiding. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but are neutral to bullish signalling that sideways to higher prices are possible near-term.

ENERGY

Crude Oil closed higher on Thursday as it closed higher. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted. If it renews this year's decline, monthly support crossing is the next downside target.

Natural Gas closed lower on Thursday as it fell to the lowest level in more than six years after a government report showed an above-average gain in U.S. inventories amid weakening demand during the recession. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish hinting that a short-term top might be in or is near. Closes above the 10-day moving average crossing would confirm that a short-term low has been posted.

COFFEE

Coffee closed sharply higher on Thursday on speculation that a strike by truck owners will slow shipments from Colombia. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.