Sector Analysis and Key Events for Friday

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Summary
The Dow Future is up 51 points to 30953. The US Dollar Index moved up 0.275 points to 91.906. Gold is trending higher 4.175 dollars to 1696.625. Silver is higher 0.1340 dollars to 25.3650. The Dow Industrials moved down 345.95 points, at 30924.14, while the S&P 500 moved down 51.25 points, last seen at 3768.47. The Nasdaq Composite dropped 274.28 points to 12723.47. Streaming charts of these markets are available at MarketClub

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Key Events for Friday

8:30 AM ET. January U.S. International Trade in Goods & Services

Trade Balance (USD) (expected -67.5B; previous -66.61B)

Exports (USD) (previous 189.96B)

Exports, M/M%

Imports (USD) (previous 256.57B)

Imports, M/M%

8:30 AM ET. February U.S. Employment Report

Non-Farm Payrolls (expected +218K; previous +49K)

Unemployment Rate (expected 6.3%; previous 6.3%)

Avg Hourly Earnings (USD) (previous 29.96)

Avg Hourly Earnings-Net Chg (USD) (previous +0.06)

Avg Hourly Earnings, M/M% (expected +0.2%; previous +0.20%)

Avg Hourly Earnings, Y/Y% (expected +5.3%; previous +5.38%)

Overall Workweek (previous 35)

Overall Workweek Net Chg (previous +0.3)

Government Payrolls (previous +43K)

Private Payroll (previous +6K)

Participation Rate (previous 61.4%)

Non-Farm Payrolls Bench Net Chg (previous -250K)

3:00 PM ET. January Consumer Credit

Consumer Credit Net Chg (USD) (expected +12.0B; previous

10:00 AM ET. February Employment Trends Index

ETI (previous 99.27)

ETI, Y/Y%

10:00 AM ET. January Monthly Wholesale Trade

Inventories, M/M% (previous +0.3%)



 
Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 91.906 +0.275 +0.30%
Invesco DB US Dollar Index 24.695 +0.175 +0.71%
US Dollar/Canadian Dollar 1.270545 +0.004515 +0.36%
Euro/US Dollar 1.19381 -0.00184 -0.15%
JAPANESE YEN Mar 2021 0.009232 -0.000029 -0.31%
SWISS FRANC Mar 2021 1.0793 +0.0023 +0.21%
US Dollar/Hong Kong Dollar 7.763530 +0.003225 +0.04%
CURRENCIES:http://quotes.ino.com/ex changes/?c=currencies"

The March Dollar closed higher on Thursday and above February's high crossing at 91.60. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last-Thursday's low, the 50% retracement level of the September-January-decline crossing at 91.93 is the next downside target. Closes below the 50-day moving average crossing 90.44 would signal that a short-term top has been posted. First resistance is the today's high crossing at 91.70. Second resistance is the 50% retracement level of the September-January-decline crossing at 91.93. First support is the 50-day moving average crossing 90.44. Second support is last-Thursday's low crossing 89.67.

The March Euro closed lower on Thursday as it extended the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, February's low crossing at 119.60 is the next downside target. Closes above the 50-day moving average crossing at 121.53 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 121.53. Second resistance is last-Thursday's high crossing at 122.47. First support is today's low crossing at 119.63. Second support is February's low crossing at 119.60.

The March British Pound closed lower on Thursday as it resumed the decline off last-Wednesday's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 1.3913 would confirm that a short-term top has been posted while opening the door for additional weakness. If March resumes the rally off May's low, the 87% retracement level of the 2016-2020-decline crossing at 1.4577 is the next upside target. First resistance is last-Wednesday's high crossing at 1.4245. Second resistance is the 87% retracement level of the 2016-2020-decline crossing at 1.4577. First support is the 20-day moving average crossing at 1.3913. Second support is the 50-day moving average crossing at 1.3733.

The March Swiss Franc closed sharply lower on Thursday as it extended the decline off January's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 62% retracement level of the March-January-rally crossing at 1.0716 is the next downside target. Closes above the 20-day moving average crossing at 1.1087 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0997. Second resistance is the 20-day moving average crossing at 1.1087. First support is today's low crossing at 1.0758. Second support is the 62% retracement level of the March-January-rally crossing at 1.0716.

The March Canadian Dollar posted a key reversal down as it closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 78.63 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March resumes the rally off January's low, the 87% retracement level of the 2018-2020-decline crossing at 80.51 is the next upside target. First resistance is last-Thursday's high crossing at 80.21. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at 80.51. First support is the 50-day moving average crossing at 78.63. Second support is January's low crossing at77.63.

The March Japanese Yen closed sharply lower on Thursday as it extended the decline off January's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 75% retracement level of the 2020-2021-rally crossing at 0.0926 is the next downside target. Multiple closes above the 20-day moving average crossing at 0.0946 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.0941. Second resistance is the 20-day moving average crossing at 0.0946. First support is today's low crossing at 0.0926. Second support is the 87% retracement level of the 2020-2021-rally crossing at 0.0918.



 
Energy Snapshot
Symbol Last Change %
CRUDE OIL Apr 2021 65.46 +1.43 +2.23%
NY HARBOR ULSD HEATING OIL Apr 2021 1.9398 +0.0418 +2.20%
NATURAL GAS Apr 2021 2.729 -0.014 -0.51%
RBOB GASOLINE Apr 2021 2.0387 +0.0349 +1.74%
Invesco DWA Energy Momentum ETF 26.3110 +0.8223 +3.13%
United States Gasoline 32.2492 +1.0092 +3.13%

ENERGIES

April crude oil spiked above $64 a barrel on Thursday following news that OPEC countries and their allies are committed to continuing current production cuts through April. The high-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If April renews the rally off November's low, the October-2018 high crossing at $67.23 is the next upside target. Closes below the 20-day moving average crossing at $60.16 would signal that a short-term top has been posted. First resistance is today's high crossing at $64.86. Second resistance is the October-2018 high crossing at $67.23. First support is the 20-day moving average crossing at $60.16. Second support is the February 12th low crossing at $57.31.

April heating oil closed higher on Thursday and is poised to resume the rally off November's low. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If April renews the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $200.04 is the next upside target. Closes below the 20-day moving average crossing at $180.56 would confirm that a short-term top has been posted. First resistance is today's high crossing at $191.45. Second resistance is the the 75% retracement level of the 2018-2020-decline crossing at $200.04. First support is the 20-day moving average crossing at $108.56. Second support is the February 12th low crossing at $171.81.

April unleaded gas closed higher on Thursday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If April extends the rally off November's low, the 87% retracement level of the 2018-2020-decline crossing at $204.11 is the next upside target. Closes below the 20-day moving average crossing at $187.98 would signal that a short-term top has been posted. First resistance is today's high crossing at $202.42. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $204.11. First support is the 20-day moving average crossing at 187.98. Second support is the February 12th low crossing at $175.76.

April Henry natural gas closed lower on Thursday and extended the decline off February's high. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 2.724 would confirm a trend change while opening the door for additional weakness near-term. Closes above the 20-day moving average crossing at 2.865 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.865. Second resistance is February's high crossing at 3.060. First support is the 50-day moving average crossing at 2.724. Second support is the 62% retracement level of the December-February rally crossing at 2.596.



 
Food Snapshot
Symbol Last Change %
COFFEE MARCH 2021 128.25 -2.90 -2.21%
SUGAR #11 WORLD MAY 2021 16.21 -0.05 -0.31%
SUGAR #16 MAY 2021 29.90 -0.05 -0.17%
ORANGE JUICE - A MARCH 2021 109.10 +1.00 +0.93%
IPATH SER B BLOOMBERG SUGAR SUBINDEX TOTAL RETURN 50.5001 -0.0649 -0.13%
IPATH SER B BLOOMBERG SOFTS SUBINDEX TOTAL RETURN 46.54 -0.36 -0.78%

FOOD & FIBER

May coffee closed lower on Thursday as it consolidates some of the rally off November's low. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 13.04 would signal that a short-term top has been posted. If May renews the rally off February's low, the 87% retracement level of the 2019-2020-decline crossing at 14.42 is the next upside target.

May cocoa closed lower on Thursday as it consolidates some of the rally off February's low. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, the 87% retracement level of the November-February-decline crossing at 27.11 is the next upside target. Closes below the 20-day moving average crossing at 25.04 would confirm that a short-term top has been posted.

May sugar closed higher on Thursday as it consolidated some of the decline off February's high. The high-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 16.26 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If May renews the rally off last-April's low, weekly resistance crossing at 18.42 is the next upside target.

May cotton closed lower on Thursday and below the 20-day moving average crossing at 89.09 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this week's decline, the 50-day moving average crossing at 83.95 is the next downside target. Closes above the 10-day moving average crossing at 90.59 would signal that a short-term low has been posted.



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Wall Street legend Whitney Tilson says there's a huge new tech trend coming -- and it's going to change everything about how we eat, shop and invest.


 
Grains Snapshot
Symbol Last Change %
CORN Mar 2021 550.75 +4.50 +0.82%
OATS Mar 2021 376.00 +0.25 +0.07%
WHEAT Mar 2021 647.50 -1.75 -0.27%
Teucrium Corn Fund ETV 16.95 -0.03 -0.18%
IPATH SER B BLOOMBERG GRAINS SUBINDEX TOTAL RETURN 58.8184 +0.1434 +0.24%
ELEMENTS Linked to the ICE BofAML Commodity Index eXtra Grains Total Return 3.61 -0.19 -5.22%
SOYBEANS Mar 2021 1414.25 -0.50 -0.04%
SOYBEAN (MINI) Mar 2021 1415.25 +21.50 +1.50%
SOYBEAN MEAL Mar 2021 417.6 -0.1 -0.02%
Teucrium Soybean Fund ETV 21.1299 +0.0999 +0.47%

GRAINS

May Corn closed down $0.02 3/4-cents at $5.32 1/2.

May corn closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off last-Tuesday's high, the 25% retracement level of the August-January-rally crossing at $5.14 is the next downside target. Closes above February's high crossing at $5.72 are needed to renew the rally off August's low. First resistance is February's high crossing at $5.72. Second resistance is the 62% retracement level of the 2012-2019-decline crossing at $6.36. First support is the 25% retracement level of the August-January-rally crossing at $5.14. Second support is the January 25th low crossing at $4.94 1/2.

May wheat closed down $0.05-cents at $6.51.

May wheat closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $6.50 3/4 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If May renews the rally off last-June's low, January's high crossing at $6.93 is the next upside target. First resistance is January's high crossing at $6.93. Second resistance is monthly resistance on the monthly continuation chart crossing at $7.34 1/4. First support is the 50-day moving average crossing at $6.50 3/4. Second support is February's low crossing at $6.28 1/2.

May Kansas City Wheat closed down $0.04 3/4-cents at $6.21 1/4.

May Kansas City wheat closed lower on Thursday and below the 50-day moving average crossing at $6.24 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends today's decline, February's low crossing at $6.08 1/4 is the next downside target. If May resumes this winter's rally, the December-2014 high on the monthly continuation chart crossing at $7.05 3/4 is the next upside target. First resistance is last-Wednesday's high crossing at $6.64. Second resistance is the December-2014 high on the monthly continuation chart crossing at $7.05 3/4. First support is the 50-day moving average crossing at $6.24. Second support is February's low crossing at $6.08 1/4.

May Minneapolis wheat closed up $0.00 1/2-cents at $6.43 1/2.

May Minneapolis wheat closed fractionally higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible. If May renews the rally off January's low, January's high crossing at $6.62 is the next upside target. If May renews the decline off last-Wednesday's high, the 50-day moving average crossing at $6.28 1/2 is the next downside target. First resistance is last-Wednesday's high crossing at $6.58 3/4. Second resistance is January's high crossing at crossing at $6.62. First support is the 50-day moving average crossing at $6.28 1/2. Second support is February's low crossing at $6.19 3/4.

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "

May soybeans closed up $0.02 1/2-cents at $14.10.

May soybeans closed higher on Thursday but well off session highs. The low-range close sets the stage for a steady to slightly higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. If May extends the rally off January's low, psychological resistance crossing at $14.50 is the next upside target. Closes below the 20-day moving average crossing at $13.89 1/2 would signal that a short-term top has been posted. First resistance is February's high crossing at $14.45 3/4. Second resistance is psychological resistance crossing at $14.50. First support is the 20-day moving average crossing at $13.89 1/2. Second support is the 50-day moving average crossing at $13.61.

May soybean meal closed down $2.50 to $416.30.

May soybean meal closed lower on Thursday as it extends the trading range of the past six-weeks. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below January's low crossing at $413.40 would confirm a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. Closes above the February 9th high crossing at $442.10 would signal an upside breakout of the aforementioned trading range. First resistance is the February 9th high crossing at $442.10. Second resistance is January's high crossing at $471.40. First support is January's low crossing at $413.40. Second support is the 38% retracement level of the August-January rally crossing at $396.90.

May soybean oil closed up 93 pts. at 50.71.

May soybean oil closed higher on Thursday as it renewed the rally off last-April's low. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off October's low, the 62% retracement level of the 2008-2020-decline the monthly continuation chart crossing at 53.45 is the next upside target. Closes below the 20-day moving average crossing at 47.24 would confirm that a short-term top has been posted. First resistance is today's high crossing at 51.77. Second resistance is the 62% retracement level of the 2008-2020-decline the monthly continuation chart crossing at 53.45. First support is the 10-day moving average crossing at 49.15. Second support is the 20-day moving average crossing at 47.24.



 
Indexes Snapshot
Symbol Last Change %
Dow Jones Industrial Average 30924.14 -345.95 -1.12%
NASDAQ Composite 12723.47 -274.28 -2.16%
S&P 500 3768.47 -51.25 -1.36%
SPDR S&P 500 376.20 -5.22 -1.39%
iShares Russell 2000 ETF 213.200 -6.120 -2.87%

U.S. STOCK INDEXES

The Dow closed sharply lower on Thursday and closed below the 50-day moving average crossing at 30,947.95 confirming that a short-term top has been posted. Today's sell off came close to erasing this year-to-date gains as today's sell-off gained momentum, following comments from Federal Reserve Chairman Jerome Powell. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish again signaling that sideways to lower prices are possible near-term. If the Dow extends the decline off February's high, January's low crossing at 29,856.30 is the next downside target. If the Dow resumes the rally off January's low into uncharted territory, upside targets hard to project. First resistance is February's high crossing at 32,009.64. Second resistance is unknown. First support is today's low crossing at 30,547.53. Second support is January's low crossing at 29,856.30.

The March NASDAQ 100 closed lower for the third day in a row on Thursday as it extends the decline off February's high. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off February's high, the December 10th low crossing at 12,217.00 is the next downside target. Closes above the 20-day moving average crossing at 13,367.58 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 13,367.58. Second resistance is February's high crossing at 13,900.50. First support is today's low crossing at 12,306.50. Second support is the December 10th low crossing at 12,217.00.

The March S&P 500 closed lower on Thursday and below the 50-day moving average crossing at 3813.02 confirming that a short-term top has been posted. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, February's low crossing at 3656.50 is the next downside target. Closes above the 20-day moving average crossing at 3882.00 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3882.00. Second resistance is February's high crossing at 3959.25. First support is today's low crossing at 3720.50. Second support is February's low crossing at 3656.50.



 
Interest Snapshot
Symbol Last Change %
T-BONDS Mar 2021 158.71875 +0.37500 +0.24%
iShares Floating Rate Bond ETF 50.772 -0.005 -0.01%
5 YEAR T-NOTES Mar 2021 124.484375 +0.078125 +0.06%
ULTRA T-BONDS Mar 2021 187.34375 +1.06250 +0.57%
Invesco Senior Loan Portf 22.175 -0.025 -0.11%

INTEREST RATES

June T-bonds closed down 1-20/32's at 156-29.

June T-bonds closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off November's high, the January-2020 low on the monthly continuation chart crossing at 155-05 is the next downside target. Closes above the 20-day moving average crossing at 162-02 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 159-15. Second resistance is the 20-day moving average crossing at 162-02. First support is the 62% retracement level of the 2018-2020 rally on the monthly continuation chart crossing at 157-20. Second support is the January-2020 low on the monthly continuation chart crossing at 155-05.

June T-notes closed down 215-pts. At 132.120.

June T-notes closed sharply lower on Thursday and remains poised to extend the decline off last-September's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the decline off the January 27th high, the 38% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 131.278 is the next downside target. Closes above the 20-day moving average crossing at 134.135 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 133.143. Second resistance is the 20-day moving average crossing at 134.135. First support is last-Thursday's low crossing at 131.310. Second support is the the 38% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 131.278.



 
Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Mar 2021 135.100 -1.750 -1.29%
LEAN HOGS Apr 2021 87.30 -0.90 -1.03%
LIVE CATTLE Apr 2021 118.550 -0.725 -0.61%
IPATH SER B BLOOMBERG LIVESTOCK SUBINDEX TOTAL RETURN 36.28 -0.41 -1.13%

LIVESTOCK

April hogs closed down $0.75 at $87.18.

April hogs closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $84.92 would confirm that a short-term top has been posted. If April renews the rally off November's low, the 87% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $92.25 is the next upside target. First resistance is last-Thursday's high crossing at $90.68. Second resistance is the 87% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $92.25. First support is the 20-day moving average crossing at $84.92. Second support is the February 18th low crossing at $83.62.

April cattle closed down $0.80 at $118.60

April cattle closed lower on Thursday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If April extends the decline off February's high, the 50% retracement level of the October-February-rally crossing at $117.72 is the next downside target. Closes above the 20-day moving average crossing at $122.37 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $122.372. Second resistance is February's high crossing at $126.70. First support is today's low crossing at $118.50. Second support is the 50% retracement level of the October-February-rally crossing at $117.72.

April Feeder cattle closed down $2.13 at $139.17.

April Feeder cattle closed lower on Thursday as it extended the decline off January's high. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off January's high, January's low crossing at $135.03 is the next downside target. Closes above the 20-day moving average crossing at 142.66 would signal that a short-term low has been posted. First resistance is February's high crossing at $145.80. Second resistance is January's high crossing at $147.00. First support today's low crossing at $138.40. Second support is January's low crossing at $135.03.



 
Metals Snapshot
Symbol Last Change %
GOLD Mar 2021 1693.8 -23.6 -1.37%
SPDR Gold Trust 159.005 -1.615 -1.02%
SILVER Mar 2021 25.285 -0.055 -0.22%
PALLADIUM Mar 2021 2339.1 +25.9 +1.11%
Direxion Daily Gold Miners Index Bear 2X Shares 24.41 +0.03 +0.12%
Invesco DB Precious Metals Fund 47.440 -0.790 -1.66%

PRECIOUS METALS

April gold closed lower on Thursday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off January's high, the 62% retracement level of the 2019-2020-rally crossing at $1634.70 is the next downside target. Closes above the 20-day moving average crossing at $1783.90 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $1756.20. Second resistance is the 20-day moving average crossing at $1783.90. First support is the 62% retracement level of the 2019-2020-rally crossing at $1634.70. Second support is the 75% retracement level of the 2019-2020-rally crossing at $1533.30.

May silver closed sharply lower on Thursday and below the November-January uptrend line confirming a trend change as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, the 75% retracement level of the November-February-rally crossing at 24.059 is the next downside target. Closes above the 20-day moving average crossing at 27.119 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 27.119. Second resistance is the February 23rd high crossing at 28.470. First support is the 62% retracement level of the November-February-rally crossing at 25.111. Second support is the 75% retracement level of the November-February-rally crossing at 24.059.

May copper closed sharply lower on Thursday and below the 20-day moving average crossing at 394.82 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off February's high, the 50-day moving average crossing at 373.83 is the next downside target. If March renews the rally off March's low, the August-2011 high on the monthly continuation chart crossing at 454.00 is the next upside target. First resistance is Tuesday's high crossing at 422.75. Second resistance is February's high crossing at 437.55. First support is today's low crossing at 384.90. Second support is the 50-day moving average crossing at 373.83.



 
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