report as on 06/04/2010 gold , silver & crude

Gold closed sharply higher due to short covering on Monday as it consolidates some of last week's decline but remains below the 20-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends last week's decline, the reaction low crossing is the next downside target. Closes above last Wednesday's high crossing would temper the near-term bearish outlook in the market.

Silver closed higher due to short covering on Monday but remains below the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signalling that a short-term top might be in or is near. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted. If it renews the rally off February's low, the 75% retracement level of the aforementioned decline crossing is the next upside target.

Crude Oil closed higher on Monday and above the 20-day moving average crossing confirming that a short-term top has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends today's decline, the reaction low crossing is the next downside target. Closes above the 10-day moving average crossing would confirm that a short-term low has been posted.