April gold closed higher due to short covering on Tuesday as it consolidated some of the decline off December's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are diverging but are turning neutral hinting that a short-term low might be in or is near. Multiple closes above the 20-day moving average crossing at 1101.90 are needed to confirm that a short-term low has been posted. If April extends last week's decline, the 38% retracement level of the 2008-2009-rally crossing at 1035.00 is the next downside target. First resistance is the 10-day moving average crossing at 1084.80. Second resistance is the 20-day moving average crossing at 1101.90. First support is last Friday's low crossing at 1044.50. Second support is the 38% retracement level of the 2008-2009-rally crossing at 1035.00.

March silver closed higher due to short covering on Tuesday as it consolidates some of last week's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 50% retracement level of the 2008-2009-rally crossing at 14.205 is the next downside target. Closes above the 20-day moving average crossing at 16.914 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 15.927. Second resistance is the 20-day moving average crossing at 16.914. First support is last Friday's low crossing at 14.650. Second support is the 50% retracement level of the 2008-2009-rally crossing at 14.205.

March copper closed higher due to short covering on Tuesday as it consolidated some of the decline off January's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 319.22 are needed to confirm that a short-term low has been posted. If March extends this year's decline, the 38% retracement level of the 2009-2010-rally crossing at 269.66 is the next downside target. First resistance is the 10-day moving average crossing at 301.66. Second resistance is the 20-day moving average crossing at 319.22. First support is last Friday's low crossing at 281.10. Second support is the 38% retracement level of the 2009-2010-rally crossing at 269.66.