April gold closed higher due to short covering on Wednesday as it consolidates some of Monday's decline. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 882.70 would renew the decline off February's high. If April renews this month's rally, February's high crossing at 1007.70 is the next upside target. First resistance is today's high crossing at 932.50. Second resistance is the reaction high crossing at 967.80. First support is Monday's low crossing at 908.60. Second support is this month's low crossing at 882.70.

May silver closed lower on Wednesday as it extends this week's decline. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term.

Closes below last Wednesday's low crossing at 12.955 would confirm that a short-term top has been posted. If May renews the rally off March's low, February's high crossing at 14.635 is the next upside target. First resistance is the 10-day moving average crossing at 13.391. Second resistance is last Monday's high crossing at 13.885. First support is Tuesday's low crossing at 12.570. Second support is the reaction low crossing at 12.465.

May copper posted an inside day with a slightly higher close on Wednesday as it consolidates above the 10-day moving average crossing at 182.01. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought, diverging and are neutral to bearish signaling that sideways to lower prices are still possible. Closes below the 20- day moving average crossing at 174.84 are needed to confirm that a short-term top has been posted. If May renews this month's rally, the 25% retracement level of the 2008 decline crossing at 192.28 is the next upside target. First resistance is last Friday's high crossing at 189.70. Second resistance is the 25% retracement level crossing at 192.28. First support is Monday's low crossing at 175.25. Second support is the 20-day moving average crossing at 174.84.