World commodity update for 16/04/2009

Gold closed higher on Wednesday as equities boosted demand for precious metals as a store of value. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastic and the RSI remain neutral signaling that sideways to higher prices are possible near-term. If it extends Tuesday's decline, the 50% retracement level of the October-February rally crossing is the next downside target. Closes above the 20-day moving average crossing would signal that a low has been posted.

Crude Oil closed higher on Wednesday despite falling in early trading after a government report showed that U.S. stockpiles climbed to the highest level in almost 19 years as demand dropped. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastic and the RSI are turning neutral signaling that sideways to lower prices are possible near-term. Closes below last Wednesday's low crossing would confirm that a short-term top has been posted.