Gold closed lower on Friday as it extended last week's decline. A short covering rally tempered early losses and the high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. Closes below Tuesday's low crossing would temper the near-term bullish outlook. If it renews last week's rally, the reaction high crossing is the next upside target.
Silver closed higher on Friday as it consolidated some of last week's decline. The high-range close sets the stage for a steady to higher opening on Monday. Despite Friday's rally, stochastics and the RSI remain bearish signalling that sideways to lower priced are possible near-term. If it extends last week's decline, March's low crossing is the next downside target. Closes above Wednesday's high crossing would signal that a short-term low has been posted.
U.S. STOCK MARKET INDICES
DJI closed higher on Friday as it extended the rally off March's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are diverging but remain bullish signalling that sideways to higher prices are possible near-term. If the Dow extends this month's rally, the reaction high crossing is the next upside target. SPI closed higher on Friday as it extended the rally off March's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are diverging but remain neutral to bullish signalling that sideways to higher prices are possible near-term. NDI closed higher on Friday as it extends the rally off March's low. 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 to bearish hinting that a short-term top might be near.
ENERGY
Crude Oil closed sharply higher on Friday 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 Monday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends last week's rally, the reaction high crossing is the next upside target.
Natural Gas closed sharply higher on Friday and above the 10-day moving average crossing signalling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI have turned bullish signalling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.
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