Gold closed sharply higher on Friday as it extends this month's rally. Fears over inflation have lead to some investors moving cash into hard assets and precious metals as a hedge against inflation. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off April's low, February's high crossingi is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
Silver closed higher on Friday and tested the 62% retracement level of last summer's decline crossing. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but are neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends this spring's rally, the 75% retracement level 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.
U.S. STOCK MARKET INDICES
DJI closed higher in quiet end-of-month trading on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish signalling that sideways to higher prices are possible near-term. SPI closed higher on Friday as it extended this week's rally. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. NDI closed higher on Friday due to a late-session rally and spiked above the previous reaction high crossing. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term.
ENERGY
Crude Oil closed higher on Friday as it extends this spring's rally. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible near- term. If it extends the rally off April's low, the 25% retracement level of the 2008-2009 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.
Natural Gas closed lower due to profit taking on Friday as it consolidates some of Thursday's rally. The low-range close sets the stage for a steady to lower opening on Monday. 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 are needed to confirm that a short-term low has been posted. If it renews last week's decline, April's low crossing is the next downside target.
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