WEEKLY OUTLOOK AS ON SUNDAY 5 TH APRIL

GOLD TECHNICAL OUT LOOK:Comex Gold (GC)
The choppy pull back from 967.8 extended further last week but after all, the corrective look of such fall is still consistent with the short term bullish view. Considering that Gold is now close to 882.7 support, initial outlook is neutral this week. Break of 932.5 will suggest that rise from 882.7 has resumed. As discussed before, corrective fall fro 1007.7 has completed at 882.7 and rise from there is tentatively treated as resumption of recent up trend. Beak of 967.8 will add much credence to this case and bring retest of 1007.7/1033.9 resistance zone. However, note that break of 882.7 will dampen the short term bullish case and bring deeper decline towards 801.5 cluster support (61.8% retracement of 681 to 1007.7 at 805.8 ).
In the bigger picture, while the correction from 1007.7 was slightly deeper than expected, the overall outlook doesn't change. That is, consolidation from 1033.9 has already completed at 681, in form of an expanding triangle pattern. Long term up trend is tentatively treated as resumed at this point and further rise should be seen to retest 1033.9 high. Break will confirm the bullish case and target 161.8% projection of 681 to 892 from 801.5 at 1142.9 next. On the downside, however, another fall below 882.7 will open up a few short term bearish scenarios that should at least bring deeper fall to 801.5 cluster support or below before resuming the long term up trend.
In the long term picture, as mentioned before, Gold's long term up trend from 260 is still in progress. Break of 1033.9 will confirm that such up trend has resumed and should target 61.8% projection of 260 to 1033.9 from 681 at 1159 next.

SILVER TECHNICAL OUTLOOK:Comex Silver (SI)
Silver's choppy pull back from 13.88 continued last week but after all, it's still holding 12.64 support after various attempt for break through. Initial outlook will remain neutral this week and some more sideway trading could be seen. But after all, we're still expecting 12.64 support to hold. Above 13.35 will flip intraday bias back to the upside and argue that rise from 11.89 is resuming. As discussed before, corrective fall from 14.6 should have completed with three waves down to 11.89 already. Break of 13.88 resistance will add further credence to this case and bring retest of 14.6 high. However, note that sustained break of 12.64 will dampen the short term bullish case and will put focus back to 11.89 low.
In the bigger picture, whole down trend from 21.44 has likely completed at 8.4 already and rise from there is still in progress. Focus now turns to next resistance at 16, with medium term falling trend line at 12.99 and 61.8% retracement of 21.44 to 8.4 at 16.45. Sustained break will confirm this case and argue that long term up trend is resuming and should target 21.44 high next. On the downside, break of 11.89 support is needed to be the first signal that rise from 8.4 has completed. Otherwise, outlook will remain bullish.
In the longer term picture, Silver's fall from 21.44 is treated as correction, or part of consolidation to the long term five wave rally from 4.315 and should have completed at 8.4 after being supported slightly above 76.4% retracement of 4.315 to 21.44 at 8.36. On resumption, the long term up trend should target 100% projection of 4.315 to 21.44 from 8.4 at 25.52 next.

CRUDE TECHNICAL OUTLOOK:Nymex Crude Oil (CL)
Crude oil dipped to 47.26 last week but drew support from near term rising channel as well as 55 days EMA and rebounded. Rise from 33.55 should still be in progress and further upside should be seen to 54.66 first this week. Break will target next key level of 60, which is close to 23.6% retracement of 147.27 to 33.5 at 60.34. On the downside, below 47.26 will turn short term outlook neutral again and suggests that consolidation from 54.66 is still in progress. But after all, rise from 33.55 is still expected to resume as long as 42.08 cluster support holds.
In the bigger picture, prior break of 50.47 resistance serves as an important signal that crude oil has finally bottomed out in medium term at 33.55, on bullish convergence condition in daily MACD, after drawing support from 17.12/33.5 key long term support zone. Sustained trading above 50.47 confirms this case and open up the prospect of stronger rally towards next key level at 90.51 (50% retracement of 147.27 to 33.5 at 90.38). However, failure at the current level, followed by break of 42.08 cluster support will revive that case that rise from 33.55 is just part of a medium term sideway consolidation pattern and will put 33.55 low back into focus.
In the longer term picture, steep decline from 147.27 is treated as a correction in the larger up trend only and should be contained by 17.12/33.5 support zone and bring strong rebound towards 90.51 resistance level. Focus will remain on confirmation of reversal for the moment.